Seplat Energy refinances its revolving credit facility

Seplat Energy Plc a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange has announced that it has successfully refinanced its existing US$350million revolving credit facility due December 2023 with a new three-year US$350million revolving credit facility due June 2025.

The RCF includes an automatic maturity extension until December 2026 once a refinancing of the existing US$650million bond due April 2026 is implemented. The RCF is scheduled to reduce from July 2024, with such date automatically extended to July 2025 once the refinancing of the existing US$650million bond due April 2026 is implemented.

The RCF carries initial interest of 6% over the base rate (SOFR plus applicable credit adjustment spread) with the margin reducing to 5% after production flowing through the Amukpe-to-Escravos pipeline is stabilized at an average working interest production of at least 15,000 bpd over a 45 consecutive day period. The pricing is in line with the existing RCF pricing, although it reflects a change in the base rate from LIBOR to SOFR plus the applicable credit adjustment spread.

Source: Seplat Energy refinances its revolving credit facility – StocksWatch (stocksng.com)

Related Posts

03

Nov
Business & Economy

ELITE WEALTH PLACEMENT FUND

Welcome to the Elite Wealth Placement Fund – a bespoke investment vehicle designed exclusively for high-net-worth individuals seeking attractive and tailored placement opportunities. Our fund is managed by a team of seasoned financial experts with a proven track record of delivering superior returns, while prioritizing risk management and long-term wealth preservation. As an exclusive member, you will […]

03

Nov
Business & Economy

PZ Cussons Nigeria Plc reports N113bn revenue, boosts profit after tax by 114% in one year

The Audited Financial Statement of PZ Cussons for the year ended 31 May 2023 show significant growth in the Company’s bottom line figures with 114% growth in its profit after tax for the 12 months period. The Group reported revenue of N113.964 billion for the 12 months period, up by 14.53% from N99.503 reported the previous year.[…]