Nigeria’s largest indigenous upstream operator, Seplat Petroleum Development Company Plc, said this week that it has successfully refinanced its current debt facilities with a $300 million three-year secured revolving credit facility and $700 million seven-year protected term facility.

The weekly report of the Nigerian Stock Exchange (NSE) stated that the listed oil firm told the exchange that the seven-year facility also included an option for the company to expand the facility. This could be by up to an additional $700 million for qualifying acquisition opportunities.

The seven-year secured term facility worth $700 million was sealed with syndicate of banks in Nigeria, comprising Stanbic IBTC Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc and Zenith Bank Plc. It is repayable quarterly from the end of June 2015 and has a border of LIBOR +8.75 per cent per annum.

The $300 million three-year revolving credit facility on the other hand has been closed with a consortium of eight transnational banks, comprising Citibank, Bank of America Merrill Lynch, JP Morgan Limited, Natixis, Nedbank Limited, Rand Merchant Bank, Standard Bank and Standard Chartered Bank. This has a quarterly reduction plan from the end of December 2015 and has a margin of LIBOR +6.00 per cent per annum.

According to BusinessNews, The company achieved a new production record when gross daily liquids production at OMLs 4, 38 and 41 exceeded 76,000 bopd in December. The installation of the new 150 MMscfd gas processing plant at the Oben field work is in progress. While the inauguration work which is set to take place during the first quarter of 2015 will make supplementary gas volumes available to the local market.