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Westport Oil Limited, a subsidiary of Seplat Energy Limited, has secured a $50 million offtake linked reserved based lending facility due April 2027, the leading Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange, announced recently.
The funds raised by Seplat’s wholly owned subsidiary is subordinated to the $110 million senior reserve-based lending facility (the “RBL”). The Offtake Facility carries initial interest of Libor + 10.5 percent payable semi-annually and is scheduled to commence repayment from March 2023, Seplat said in a statement published on the website of the Nigeria Exchange group.
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Seplat is pursuing a Nigeria-focused growth strategy and is well positioned to participate in future asset divestments by international oil companies, farm-in opportunities, and future licensing rounds. The Company is a leading supplier of gas to the domestic power generation market.
