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Seplat Energy Notifies of $50m Offtake Facility Raised By its Subsidiary, Westport Oil Ltd

The Offtake Facility carries initial interest of Libor + 10.5%

Seplat Energy Plc (“Seplat” or the “Company”), 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 initial interest of Libor + 10.5% payable semi-annually and is scheduled to commence repayment from March 2023.

Graph – One Year Share Price Movement

Table:  Q1 2021 Unaudited Results

Article Originally Published Here.

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