(Ecofin Agency) - Seplat Petroleum Development Company PLC, a leading Nigerian indigenous oil and gas company, says that its three-year revolving credit facility which was expected to expire at the end of 2017 has been successfully extended till December 31, 2018.

According to the group, the credit facility has also been restructured to enable it to pay the outstanding debt of $150 million in equal tranches over five quarters starting from Q4 of 2017. The group added that its total debt under its term loan and revolving credit facility, has reduced by US$365 million from the US$1 billion in Q1 of 2015 to the current balance of US$635 million at the end of June 2017.

The credit facility in question, was provided by 10 banks namely; Citibank N.A. London Branch, Citibank Nigeria Limited, The Mauritius Commercial Bank Plc, Natixis, Nedbank Limited London Branch, Nomura International Plc, Rand Merchant Bank Division, Stanbic IBTC Bank Plc, The Standard Bank of South Africa Limited and Standard Chartered Bank.

“We are pleased to announce the extension to our revolving credit facility. The approval to extend and strong demand within our core lending group, which saw around 30 percent oversubscription, demonstrates Seplat’s strong underlying business fundamentals and is further testament to the strength of our relationship with our continuing and new lenders. The amended facility, and recent resumption of exports via the Forcados terminal, will enable the business to rebuild cash on its balance sheet as we seek to strengthen our capital structure to ensure a strong platform for future growth,” Roger Brown, Seplat’s Chief Financial Officer, said on Monday.

Anita Fatunji