Seplat’s subsidiary, Westport Oil secures $50 million offtake lending facility

Westport Oil Limited, a subsidiary of Seplat Energy Limited, has secured a $50 million offtake linked reserved based lending facility due April 2027, according to media report.

The Offtake Facility is subordinated to the $110 million senior reserve-based lending facility (the ‘’RBL’’).

It attracts an initial interest of Libor +10.5% payable semi-annually and is scheduled to commence repayment from March 2021.

Affirming this, a notice signed by the Chief Financial Officer of Seplat, Mr Emeka Onwuka read: “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”).

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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.”

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