Chappal Energies, a Mauritius-based energy company led by Nigerian business executive Ufoma Immanuel, has closed a 340 million senior secured reserve-based lending facility arranged by a group of international and African lenders, the company said Thursday. The financing was completed through its subsidiary, Chappal Investments Ltd.
The company also secured a separate 90 million junior secured reserve-based loan from a global commodities firm, lifting total funding to 430 million. The facilities provide Chappal with long-term capital tied to its producing reserves and expected cash flows, a structure commonly used in upstream oil and gas financing.
Long-term capital replaces short-term funding
