Seplat Petroleum Development Company Plc on Thursday announced that its wholly owned subsidiary, Westport Oil Limited, has successfully refinanced its existing $100 million reserve-based lending facility due November 2023.
The Nigerian independent energy company in a statement by the Company Secretary/General Counsel, Mrs. Edith Onwuchekwa, said the facility has been restructured with a new five-year US$100 million reserve-based lending facility, due March 2026.
Seplat said the facility carries initial interest of Libor + 8 per cent payable semi-annually and is scheduled to commence repayment from March 2023.
According to the company, the RBL includes a $75 million accordion to accommodate further commitments in the future.
