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.

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