REG - Seplat Energy PLC - Refinancing of Revolving Credit Facility

Seplat EnergyAnnouncement

30/09/2022 12:30

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RNS Number : 3757B  Seplat Energy PLC  30 September 2022

 

 

 

 

 

 

 

Seplat Energy Plc

 

REFINANCING OF REVOLVING CREDIT FACILITY

 

Lagos and London - September 30, 2022:  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 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").  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.

Inside Information

Some of the information contained within this announcement is considered by
Seplat Energy to constitute inside information, as defined under the EU
Market Abuse Regulation, EU No.596/2014. By the publication of this
Announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain.

Responsibility for publication

This announcement has been authorised for publication on behalf of Seplat
Energy by Emeka Onwuka, Chief Financial Officer, Seplat Energy Plc.

 

Signed:

 

 

 

Emeka Onwuka

Chief Financial Officer

 

 

 

Enquiries:

 Emeka Onwuka, Chief Financial Officer                              +234 1 277 0400
 Edith Onwuchekwa, Director Legal/Company Secretary
 Chioma Nwachuku, Director External Affairs & Sustainability
 Brian Marcus, General Manager, Commercial & Corporate Finance
 Carl Franklin, Head of Investor Relations
 Ayeesha Aliyu, Investor Relations

 Ben Brewerton / Christopher Laing                                  +44 203 727 1000

                                                                    seplatenergy@fticonsulting.com

 Tom Reid / Luke Spells                                             +44 207 986 4000

 Chris Sim / Charles Craven / Jarrett Silver                        +44 207 597 4000

Notes to editors

Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed
on the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the
London Stock Exchange (LSE: SEPL).

Seplat Energy is pursuing a Nigeria-focused growth strategy through
participation in asset divestments by international oil companies, farm-in
opportunities, and future licensing rounds. The Company is a leading supplier
of gas to the domestic power generation market. For further information please
refer to the Company website, http://seplatenergy.com/
(http://seplatenergy.com/)

 

 

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