Seplat successfully refinances US$300 million Revolving Credit Facility

Posted On March 13th, 2018 - 6:34 pm | by Oil and gas press

Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), 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.”

Announcement of pricing of offering of $350 million 9.25% senior notes due 2023

    Seplat also today announced that it has priced its offering of $350 million in aggregate principal amount of 9.25% senior notes due 2023 (the “Notes”). The Notes will be issued by the Company and guaranteed by certain of its subsidiaries. The gross proceeds of the Notes will be used to repay and cancel existing indebtedness.
    This announcement contains inside information under Article 17 of Regulation (EU) 596/2014 (16 April 2014).

Source / More: Seplat

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