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Companies

Shell secures $10 billion credit facility 

Royal Dutch Shell Plc has signed a $10 billion revolving credit facility. The company announced in a statement.  

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Shell secures $10 billion credit facility 

Royal Dutch Shell Plc has signed a $10 billion revolving credit facility, a statement from the company revealed.

The $10 billion credit facility consists of a five-year, $8 billion revolving credit facility, and a one-year $2 billion facility. Each facility includes a two one-year extension options at the discretion of each lender. The new facility will reportedly replace Shell’s existing $8.84 billion credit facility, which was provided by a syndicate of 25 banks.

Speaking on the signing, Russell O’Brien, Group Treasurer at Shell said, “We are delighted to support the transition to new benchmark interest rates with this, market-leading, syndicated SOFR facility.

“This is an innovative deal which also demonstrates Shell’s broad-based commitment to reducing the Net Carbon Footprint of the energy products we sell. We appreciate the strong support and commitment from our relationship banks.”

Shell wants oil spillage case tried in Nigeria, but victims say no, UK court ruling affects acquisition of Shell’s oil block by Governor Wike 

Details on the credit: Shell, according to the statement, said that with the termination of the London Interbank Offered Rate (LIBOR), this credit facility is one of the world’s first credit facilities linked to the new Secured Overnight Financing Rate (SOFR).

[READ MORE: UK court ruling affects acquisition of Shell’s oil block by Governor Wike)

The interest and fees paid on the facility will be connected to Shell’s progress towards reaching its short-term Net Carbon Footprint intensity target, as reported by The Nation. Bank of America and Barclays Bank acted as joint co-coordinators for the facility.

Deal book 300 x 250

The banks, which participated in the facility include ANZ, Bank of China, Banco Santander, BNP Paribas, Citibank, Credit Agricole Corporate and Investment Bank, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Industrial and Commercial Bank of China, JP Morgan, Lloyds Bank, Mizuho Bank, Morgan Stanley, Natixis, Royal Bank of Canada, Sumitomo Mitsui Banking Corp, Société Générale, Standard Chartered Bank, TD Securities, UBS and Wells Fargo.

More on the Net Carbon Footprint intensity target: Shell’s ambition of Net Carbon Footprint intensity target is to reduce the energy products it sells by around 50% by 2050 and by 20% by 2035 in step with society as it moves towards meeting the aims of the Paris Agreement. The company has also set a three-year target to reduce its Net Carbon Footprint by 2-3% by 2021.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Companies

Africa Prudential Plc declares N1 billion dividend for shareholders

The Board of Directors of Africa Prudential Plc has proposed the payment of N1 billion as dividend to qualifying shareholders.

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Obong Idiong, Africa Prudential Plc

The Board of Directors of Africa Prudential Plc, Nigeria’s leading registrar and a key player in the capital market, has proposed the payment of N1 billion as dividend to qualifying shareholders of the company.

This is in line with the resolution made at the Company’s Board meeting which held on Thursday, February 18, 2021, as the Board resolved to pay a dividend of 50 Kobo per ordinary share, amounting to N1,0000,000,000 (One billion Naira only).

It is essential to understand that the dividend recommended by AfriPrud’s Board is subject to appropriate Withholding Tax, and the approval of shareholders at the Company’s Annual General Meeting.

What you should know

  • The dividend recommended by the board of AfriPrud in 2020 is 28.57% lower when compared to the total dividend of 70 kobo per share paid to shareholders last year for 2019.
  • It is important to note that the dividend declared is subject to appropriate withholding tax and the approval of shareholders at the Company’s next Annual General Meeting.
  • However, with a share price of N7.3 per share at the close of trading activities on the floor of NSE for last week, the dividend yield of the company stands at 6.85%.

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Companies

United Capital earmarks total dividend of N4.2 billion for shareholders

United Capital Plc announced a payment of a total of N4.2 billion as dividend to shareholders for 2020.

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Commercial paper, United Capital Asset Management explains mutual funds’ positive performance

The Board of Directors of United Capital Plc, Nigeria’s financial and investment services powerhouse, has announced the payment of a total N4.2 billion as dividend to shareholders for 2020. The resolution was made at the Board meeting which held on Wednesday 17, 2021.

This information was contained in a notification dated 18 February 2021, which was signed by the Company’s Director Peter Ashade, and sent to the floor of the Nigerian Stock Exchange.

According to the notification, the dividend declared by United Capital on a per-share basis was pegged at 70 kobo per share, this put the total dividend to be paid to shareholders at N4,200,000,000.

READ: 6 Questions to consider when evaluating a job offer

What you should know

  • The dividend declared for 2020 is 40% higher when compared to the total dividend of 50 kobo per share paid by the company to its shareholders last year for 2019.
  • It is important to note that the dividend declared is subject to appropriate withholding tax and the approval of shareholders at the Company’s next Annual General Meeting.
  • The dividend will be paid to only shareholders whose names appear in the Register of Members as at the close of business on Friday, March 5, 2021.
  • However, with a share price of N5.98 per share at the close of trading activities yesterday on the floor of NSE, the dividend yield of the company stands at 11.7%.

READ: Why Nigerian stocks are getting pummeled

What to Expect: The Audited Accounts of United Capitals Plc will be published on or before Monday, February 22, 2021, on the website of the Nigerian Stock Exchange. This is in line with the option by the Company to submit its audited accounts within 60 days of the year-end.

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