Westport Oil Limited, a subsidiary of Seplat Energy Limited, has secured a $50 million offtake linked reserved based lending facility due April 2027.
The Offtake Facility is subordinated to the $110 million senior reserve-based lending facility. It attracts an initial interest of Libor +10.5per cent payable semi-annually and is scheduled to commence repayment from March 2023.
A notice signed by the Chief Financial Officer of Seplat, Mr. Emeka Onwuka said: “Seplat Energy Plc., 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 S$50 million offtake linked reserved based lending facility due April 2027 (the “Offtake Facility”).
“The Offtake Facility is subordinated to the $110 million senior reserve-based lending facility (the “RBL”). The Offtake Facility carries initial interest of Libor + 10.5per cent payable semi-annually and is scheduled to commence repayment from March 2023,” he said.
