Seplat receives one-year extension for revolving credit facility

Nigerian-based oil and gas company Seplat Petroleum Development Company PLC said on Monday it has successfully extended its revolving credit facility.
Seplat said the facility has also been amended to amortise the remaining outstanding principal balance of USD150 million in equal instalments over five quarters, commencing in the fourth quarter of 2017.
The group said its current credit facility was due to expire at the end of 2017, but will now expire a year later at the end of 2018.
Overall, Seplat said its aggregate indebtedness under its term loan and revolving credit facility has reduced to USD635.0 million, its current balance at the end of June 2017, from a peak of USD1.0 billion in the first quarter of 2015.
The group said this was “a significant deleveraging of the balance sheet, particularly in exceptionally difficult trading conditions over the past 18 months”.
“We are pleased to announce the extension to our revolving credit facility. The approval to extend, and strong demand within our core lending group, which saw around 30 percent oversubscription, demonstrates Seplat’s strong underlying business fundamentals and is further testament to the strength of our relationship with our continuing and new lenders,” said Chief Financial Officer Roger Brown.
Credit: Alliance News.