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SENIOR SECURED MEZZ. FACILITY
AFC part. in US$425 mln facility
(West Africa - Oil Production )
Lender – Africa Finance Corp
Financial Advisor/AFC Tranche - Cofarco SAS
June 2016
Cofarco advised NewAge (African Global Energy) on Africa Finance Corporation’s (AFC’s) participation in a $425 senior secured mezzanine facility.

Cofarco advised NewAge on AFC’s tranche in a $425 million senior secured facility that NewAge closed in June with a syndicate of five financial institutions, and was led by EIG Global Energy Partners and AFC. The facility will be used to expand NewAge’s production in its existing assets and develop other oil and gas fields in their portfolio, including assets through Africa.

 

Acting as an independent advisor, Cofarco was mandated by NewAge to secure and coordinate AFC’s participation in the facility. Under the terms of its mandate, Cofarco was responsible for:

  • Reviewing existing financing arrangements and the projected funding needs;
  • Preparing a presentation of NewAge for AFC as part of its due diligence process;
  • Introducing NewAge and presenting the facility to AFC and coordinating Q&A among NewAGE and AFC on the transaction;
  • Negotiating with AFC the terms of their participation; and
  • Working with NewAge and its advisors and AFC to close the legal documentation in due time.