Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

Seplat announces successful $300 million RCF refinancing

Seplat Announces Successful $300 Million RCF Refinancing

Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange, today announces that it has successfully refinanced its existing US$300 million Revolving Credit Facility due December 2018 with a new four year US$300 million revolving credit facility due June 2022 (the “RCF”). The RCF carries initial interest of Libor +6% payable semi-annually.

In conjunction with the issuance of the US$350 million 9.25% senior notes due 2023 (the “Notes”), the pricing of which was announced separately today, the Company envisages its pro forma gross debt post-closing of both the Notes and the RCF (expected to occur on 21 March 2018) will be US$550 million. The proceeds from the Notes and RCF will be used to repay and cancel existing indebtedness.

Commenting on today’s announcement Roger Brown, Seplat’s Chief Financial Officer, said:

“This successful re-financing reflects the confidence that the market has continued to show in our business and ability to proactively manage our balance sheet even through challenging times. Our debut bond issuance further diversifies our capital base and along with the new RCF strengthens our liquidity position which will allow us to scale up our work programme and focus on delivering our growth strategy.”

Source: Press Release

The post Seplat Announces Successful $300 million RCF refinancing appeared first on Energy News | Oil and Gas News.

This post first appeared on Energy Mix Report, please read the originial post: here

Share the post

Seplat announces successful $300 million RCF refinancing


Subscribe to Energy Mix Report

Get updates delivered right to your inbox!

Thank you for your subscription