(Alliance News) - Seplat Petroleum Development Co PLC on Tuesday said it has amended and restated its USD350 million revolving credit facility and cancelled bridge facility agreement.
The Nigerian oil & gas company explained that the facility was agreed to fund the cash consideration payable by Seplat to Eland Oil & Gas PLC shareholders pursuant to the acquisition.
In mid-October, Seplat had agreed a GBP382 million purchase of fellow energy firm Eland. Seplat had offered 166 pence per Eland share. Eland shares closed 1.0% higher in London on Tuesday at 165.40p each.
On Tuesday, Seplat said it has cancelled a USD350 million bridge facility agreement with Citibank NA after receiving revolving credit facility.
Seplat shares closed flat in London on Tuesday at 114.00p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Seplat Energy (SEPL)