By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The International Finance Corporation (IFC), a member of the World Bank group on Tuesday said it has bought almost 13 percent of the debt sold by Nigerian oil and gas firm, Seven Energy International Limited, worth $50 million, according to a Bloomberg report quoting a statement from the IFC.

The report says that Seven Energy raised $400 million in bonds, of which the IFC bought $50 million.

The report also quoted Standard & Poor’s in a statement that this month’s sale of 2021 debt included $300 million seniour secured notes and the remainder were private bonds.

According to the report, companies in Nigeria are selling debt to boost operations in an economy set to expand seven percent (7%) this year, faster than the sub-Saharan African average of 5.1 percent, according to the International Monetary Fund (IMF).

The IFC invested $105 million in equity in Seven Energy earlier this year to support the World Bank’s Nigeria Energy Business Plan to double power capacity within five (5) years, according to the statement.

Seven Energy will use some of the debt proceeds for the Oron-Calabar pipeline to carry gas for power projects in southeastern Nigeria, the IFC affirmed.

It further affirmed that yields on Seven Energy’s $300 million of notes, issued at a 10.25 percent coupon, climbed up 19 basis points to 10.26 percent by 11:11 a.m. in Lagos.