Seplat Energy’s subsidiary raises $50m facility

Seplat Energy Plc, a Nigerian independent energy company, has announced that its wholly-owned subsidiary, Westport Oil Limited, has successfully raised a $50 million offtake-linked reserved-based lending facility due April 2027.

The offtake facility is subordinated to the $110 million senior reserve-based lending facility, according to a statement on Monday.

“The offtake facility carries initial interest of Libor + 10.5 percent payable semi-annually and is scheduled to commence repayment from March 2023,” the firm said.