Seplat Energy Subsidiary Raises $50M Offtake Facility

Seplat energy Revenue declined by 10.7% to N136bn in Q3 2020 Results Brandspurng

July 19, 2021: Seplat Energy Plc (Seplat), 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 an initial interest of Libor + 10.5% payable semi-annually and is scheduled to commence repayment from March 2023.

Seplat Revenue declined by 10.7% to N136bn in Q3 2020 Results Brandspurng

Recently, Nigerian Exchange Limited implemented the change of name of Seplat Petroleum Development Company Plc to Seplat Energy Plc, Brand Spur reports. This is in line with the approval obtained from the shareholders of the Company at its Annual General Meeting held on 20 May 2021 and the receipt by the Company of a new certificate of incorporation from the Corporate Affairs Commission.

However, the Company’s trading symbol remains the same. The company changed its name to Seplat Energy PLC to reflect the evolving strategy around the future direction of the Company.