Petroleum Africa
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Wednesday, March 14, 2018
Seplat Petroleum Development Company has successfully refinanced its existing $300 million revolving credit facility due December 2018 with a new four-year, $300-million revolving credit facility due June 2022 (theRCF). The RCF carries initial interest of Libor +6% payable semi-annually.
In conjunction with the issuance of the $350 million 9.25% senior notes due 2023, the pricing of which was announced separately, Seplat envisages its pro forma gross debt post-closing of both the Notes and the RCF will be $550 million. The proceeds from the Notes and RCF will be used to repay and cancel existing indebtedness.
Commenting on the announcement Roger Brown, Seplat’s CFO, said, “This successful re-financing reflects the confidence that the market has continued to show in our business and ability to proactively manage our balance sheet even through challenging times. Our debut bond issuance further diversifies our capital base and along with the new RCF strengthens our liquidity position which will allow us to reinstate a work programme and focus on delivering our growth strategy.”
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