Seplat Energy Notifies of $50m Offtake Facility Raised By its Subsidiary, Westport Oil Ltd


Monday, July  19, 2021 / 12:08AM / NGX / Header Image Credit: Seplat Energy

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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