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LONDON (Alliance News) - SEPLAT Petroleum Development Co PLC Thursday said it has secured a USD1 billion debt refinancing from a number of banks, as it looks to repay debt and fund new opportunities, while it also added that it has delivered on full-year guidance.
Proceeds from draw down on the new facilities, which also includes an option to upsize the facility by up to an additional USD700 million for qualifying acquisition opportunities, is to be used to repay existing debt facilities totalling USD552 million, and will also fund new business and development opportunities and for general corporate purposes.
The USD1 billion debt refinancing is split into a USD700 million seven-year secured term facility, which is being provided by a consortium of banks in Nigeria comprising First Bank of Nigeria Ltd, Stanbic IBTC Bank PLC, United Bank for Africa PLC and Zenith Bank PLC, and a USD300 million three-year secured revolving credit facility provided by eight international banks comprising Bank of America Merrill Lynch, Citibank, JP Morgan Ltd, Natixis, Nedbank Ltd, Rand Merchant Bank, Standard Bank and Standard Chartered Bank.
"This successful re-financing, which commenced several months ago, significantly enhances our already robust capital structure and underscores the quality of our asset base," Austin Avuru, chief executive, said in a statement.
In an operational update, SEPLAT said that net working interest production for the full year as measured at the LACT unit, which is subject to final reconciliation, has averaged approximately 24,248 barrels of oil per day and 39.4 million standard cubic feet per day, approximately 30,819 barrels of oil equivalent per day in total.
The company said this was in line with full-year guidance of 29,000 - 33,000 barrels of oil equivalent per day.
At its capital projects, work is progressing on installation of the new 150 million standard cubic feet per day gas processing plant at the Oben field and commissioning work is scheduled to take place during the first quarter of 2015 that will make additional gas volumes available to the domestic market.
In addition, the company said the gas lift project at Amukpe, targeting the Ovhor field, is now operational. The company is currently operating five rigs.
"We are pleased to have delivered on full year 2014 guidance. Work is also progressing well at our capital projects, keeping the company firmly on-course across the board," said Avuru.
SEPLAT shares were down 1.3% at 115.00 pence on Thursday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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