Seplat Petroleum Development Company Plc (NSE – SEPLAT) on Thursday announced that Westport Oil Limited, a wholly-owned subsidiary of Seplat has successfully refinanced its existing US$100 million reserve-based lending facility due November 2023.
According to the publication signed by Mrs. Edith Onwuchekwa Company Secretary/General Counsel, the existing facility was replaced with a new five-year US$100 million reserve-based lending facility due March 2026.
The repayment of the facility will commence from March 2023, according to Seplat.
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The publication read “Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange, announces that its wholly owned subsidiary, Westport Oil Limited, has successfully refinanced its existing US$100 million reserve-based lending facility due November 2023 with a new five-year US$100 million reserve-based lending facility due March 2026 (the “RBL”).
“The RBL carries initial interest of Libor + 8% payable semi-annually and is scheduled to commence repayment from March 2023. The RBL includes a US$75 million accordion to accommodate further commitments in the future.”
Seplat Petroleum Development Company Plc is Nigeria’s leading indigenous energy company. It is listed on the Nigerian Stock Exchange (NSE: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL).
Seplat is pursuing a Nigeria-focused growth strategy and is well positioned to participate in future asset divestments by international oil companies, farm-in opportunities, and future licensing rounds. The Company is a leading supplier of gas to the domestic power generation market.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
