Seplat Petroleum Development Company Plc today announced that it had successfully refinanced its existing US$300 million revolving credit facility (RCF) due December 2018 with a new four year US$300 million revolving credit facility due June 2022. The RCF carries initial interest of Libor +6% payable semi-annually.
The company also stated that it had successfully raised $350 million worth of medium-term notes at 9.25%. Proceeds from the two transactions will be used to pay down the company’s debt and cancel its existing indebtedness. The Notes will be issued by the Company and guaranteed by certain of its subsidiaries
Seplat is closed at ₦780 in today’s trading session, down 5%. Year to date, the stock is up 20%.
Full-year results for the 12 months ended December 2017 show revenue increased from ₦63.3 billion in 2016 to ₦138 billion in 2017. The company bounced back from a ₦47 billion loss before tax in 2016 to a ₦13.4 billion profit before tax in 2017. From a ₦45 billion loss in 2016, Seplat made an ₦81 billion profit, largely due to a tax credit of ₦67.6 billion.