ABN – Indigenous oil producer Seplat has been awarded a US$1.4 billion loan from five Nigerian banks.
United Bank for Africa (UBA), Zenith Bank, First Bank of Nigeria, Standard Bank and Stanbic IBTC Bank pulled together their resources to provide the loan.
A $700 million seven year secured term package is included in the loan with an option to upsize by a further $700 million for acquiring opportunities.
It is hoped that the loan will refinance Seplat’s existing debt to strategically position the company for future oil and gas opportunities in Nigeria.
International banks also provided a $300 million three year secured revolving credit facility.
Seplat CEO Austin Avuru said: “This successful re-financing, which commenced several months ago, significantly enhances our already robust capital structure and underscores the quality of our asset base.”