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RNS Number : 3757B
Seplat Energy PLC
30 September 2022
 

 

 

 

 

 

 

 

Seplat Energy Plc

 

REFINANCING OF REVOLVING CREDIT FACILITY

 

Lagos and London - September 30, 2022:  Seplat Energy Plc ("Seplat" or the "Company"), a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, announces 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").  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.

Inside Information

Some of the information contained within this announcement is considered by Seplat Energy to constitute inside information, as defined under the EU Market Abuse Regulation, EU No.596/2014. By the publication of this Announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

Responsibility for publication

This announcement has been authorised for publication on behalf of Seplat Energy by Emeka Onwuka, Chief Financial Officer, Seplat Energy Plc.

 

Signed:

 

Letter Description automatically generated with medium confidence

 

 

Emeka Onwuka

Chief Financial Officer

 

 

 

Enquiries:

Emeka Onwuka, Chief Financial Officer

+234 1 277 0400

Edith Onwuchekwa, Director Legal/Company Secretary


Chioma Nwachuku, Director External Affairs & Sustainability


Brian Marcus, General Manager, Commercial & Corporate Finance


Carl Franklin, Head of Investor Relations


Ayeesha Aliyu, Investor Relations




Ben Brewerton / Christopher Laing

+44 203 727 1000

seplatenergy@fticonsulting.com



Tom Reid / Luke Spells

+44 207 986 4000



Chris Sim / Charles Craven / Jarrett Silver

+44 207 597 4000

Notes to editors

Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed on the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL).

Seplat Energy is pursuing a Nigeria-focused growth strategy through participation in 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://seplatenergy.com/

 

 

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