SEPLAT Petroleum Development Co PLC One year extension of revolving credit facility (8277J)
July 03 2017 - 1:00AM
UK Regulatory
TIDMSEPL
RNS Number : 8277J
SEPLAT Petroleum Development Co PLC
03 July 2017
3 July 2017
One year extension of revolving credit facility oversubscribed
and successfully concluded
Lagos and London, 3 July 2017: Seplat Petroleum Development
Company Plc ("Seplat" or the "Company"), a leading Nigerian
indigenous oil and gas company listed on both the Nigeria Stock
Exchange and London Stock Exchange, today announces that it has
successfully concluded a one year extension of its revolving credit
facility ("RCF") until 31 December 2018.
The current three year RCF was due to expire at the end of 2017.
The facility now expires on 31 December 2018 and has been
successfully amended to amortise the remaining outstanding
principal balance of US$150 million in equal instalments over five
quarters commencing Q4 2017. Overall, Seplat's aggregate
indebtedness under its Term Loan and RCF has reduced by US$365
million from its peak in Q1 2015 of US$1 billion to the current
balance at the end of June 2017 of US$635 million, which is a
significant deleveraging of the balance sheet particularly in
exceptionally difficult trading conditions over the past 18
months.
The amended facility has been provided by Citibank N.A. London
Branch, Citibank Nigeria Limited, The Mauritius Commercial Bank
Plc, Natixis, Nedbank Limited London Branch, Nomura International
Plc, FirstRand Bank Limited acting through its Rand Merchant Bank
Division, Stanbic IBTC Bank Plc, The Standard Bank of South Africa
Limited and Standard Chartered Bank.
Commenting on the extension Roger Brown, Seplat's Chief
Financial Officer, said:
"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. The amended
facility, and recent resumption of exports via the Forcados
terminal, will enable the business to rebuild cash on its balance
sheet as we seek to strengthen our capital structure to ensure a
strong platform for future growth".
Enquiries
Seplat Petroleum Development
Company plc
Roger Brown, CFO +44 (0) 203 725 6500
Andrew Dymond, Head of Investor
Relations
Ayeesha Aliyu, Investor Relations +234 12 770 400
Chioma Nwachuku, GM - External
Affairs and Communications
FTI Consulting
Ben Brewerton / Sara Powell
/ George Parker +44 (0) 203 727 1000
seplat@fticonsulting.com
Citigroup Global Markets Limited
Tom Reid / Luke Spells +44 (0) 207 986 4000
Investec Bank plc
Chris Sim / George Price +44 (0) 207 597 4000
Important notice
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation. Upon the publication of this
announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain.
Certain statements may contain forward-looking information
concerning Seplat's strategy, operations, financial performance or
condition, outlook, growth opportunities or circumstances in the
countries, sectors or markets in which Seplat operates. By their
nature, forward-looking statements involve uncertainty because they
depend on future circumstances, and relate to events, not all of
which are within Seplat's control or can be predicted by Seplat.
Although Seplat believes that the expectations and opinions
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations and opinions will
prove to have been correct. Actual results and market conditions
could differ materially from those set out in the forward-looking
statements. No part of these results constitutes, or shall be taken
to constitute, an invitation or inducement to invest in Seplat or
any other entity, and must not be relied upon in any way in
connection with any investment decision. Seplat undertakes no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise, except to
the extent legally required.
Notes to editors
Seplat Petroleum Development Company Plc is a leading indigenous
Nigerian oil and gas exploration and production company with a
strategic focus on Nigeria, listed on the Main Market of the London
Stock Exchange ("LSE") (LSE:SEPL) and Nigerian Stock Exchange
("NSE") (NSE:SEPLAT).
Seplat is pursuing a Nigeria focused growth strategy and is
well-positioned to participate in future divestment programmes by
the international oil companies, farm-in opportunities and future
licensing rounds. For further information please refer to the
company website, http://seplatpetroleum.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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