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FINWIRES

BP, Coastal Africa Group Sign $13.5 Million Loan, Exclusivity Agreements

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BP (BP) agreed to subscribe for 10 million British Pounds ($13.5 million) in convertible loan notes and secure exclusive crude oil marketing rights in new agreements, Coastal Africa Group said Thursday.

The debt will mature in 4 years and carry an interest rate of the compounded daily SONIA plus 3% annually, the company said.

The marketing partnership grants the buyer exclusive rights to lift and sell all crude oil and condensate production until a specified minimum volume is reached, it said.

The arrangement also features a right of first offer for non-financed projects and requires per-barrel damages for any exclusivity breach, Coastal Africa Group said.

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