Nigeria's Oando converts $218.9 mln debt to Canadian unit to equity

Thu Jul 10, 2014 10:16am EDT
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LAGOS, July 10 (Reuters) - Nigeria's Oando Plc has converted a $218.9 million loan to its Toronto-listed unit Oando Energy Resources to equity, to increase its stake in the subsidiary by 1.6 percent to 93.6 percent, it said on Thursday.

Oando said the debt is part of a $1.2 billion facility it approved for its subsidiary in February to help finance the acquisition of ConocoPhillips Nigerian assets.

(Reporting by Chijioke Ohuocha; Editing by Oludare Mayowa)