Seplat Energy Announces of $50 Million Offtake Facility Raised by Subsidiary, Westport Oil

Image Credit: SEPLAT

July 19, 2021/NGX

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 its wholly-owned subsidiary, Westport Oil Limited, has successfully raised a US$50 million offtake linked reserved based lending facility due April 2027 (the “Offtake Facility”). The Offtake facility is subordinated to the US$110 million senior reserve-based lending facility (the “RBL”).

The Offtake Facility carries initial interest of Libor + 10.5% payable semi-annually and is scheduled to commence repayment from March 2023.

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