Refinancing of Reserve-Based Lending Facility

RNS Number : 6300S

Seplat Petroleum Development Co PLC

18 March 2021

 

Seplat Petroleum Development Company Plc ("Seplat" or "the Company")

Refinancing of Reserve-Based Lending Facility

Lagos and London - March 18, 2021:   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.

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Enquiries:

Seplat Petroleum Development Company Plc       [phone]

Emeka Onwuka, Chief Financial Officer

Carl Franklin, Head of Investor Relations

Ayeesha Aliyu, Investor Relations

Chioma Nwachuku, General Manager, External Affairs & Communications

  [e-mail]  

Notes to editors

Seplat Petroleum Development Company Plc is Nigeria's leading indigenous energy company. It is listed on the Premium Board of 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. For further information please refer to the Company website, http://seplatpetroleum.com/  

 

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