West African focused oil and gas company LEKOIL announced on Friday it has signed a new $11.5 million debt facility with FBNQuest Merchant Bank.
The facility has a maturity of four years and is repayable quarterly with a margin of London Interbank Offered Rate (LIBOR) + 10%
It will be used primarily to pay all outstanding quarterly repayments, including principal and interest, due to Shell and payment of the license/lease extension fees on OPL 276 and OPL 310 offshore Nigeria, the company said.