A Nigerian oil company, Seplat Petroleum Development Company Plc (Seplat), has said it has successfully refinanced its existing debt facilities with a new $700 million seven-year secured term facility and US$300 million three-year secured revolving credit facility.

According to the weekly report of the Nigerian Stock Exchange (NSE), the listed oil firm told the NSE that the seven-year facility also included an option for the company to upsize the facility by up to an additional $700 million for qualifying acquisition opportunities.

The company also provided an update on its operations where it has delivered on full year 2014 guidance, Reuters reported.

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

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

Proceeds from draw down on these new facilities has been used to repay the company’s existing debt facilities totalling $552 million, and will also be used to fund new business and development opportunities and for general corporate purposes.

The company achieved a new production record when gross daily liquids production at OMLs 4, 38 and 41 exceeded 76,000 bopd in December.
At its capital projects, work is progressing on installation of the new 150 MMscfd gas processing plant at the Oben field and the inauguration work is scheduled to take place during the first quarter of 2015 that will make additional gas volumes available to the domestic market.

The gas lift project at Amukpe, targeting the Ovhor field, is now operational. The company is currently operating five rigs.

Bauchi Workers Urge Govt to Pay Salaries
The Nigerian Labour Congress (NLC), in collaboration with Trade Union Congress (TUC) and Joint Public Service Negotiating Council has appealed to the Bauchi State Government to pay them their December salary in the best interest of the workers. The Chairmen of three unions, Mr. Hashimu Gital, Mr. Mohammed Usman and Mr. Aliyu Mohammed, made the call at a joint press conference at the weekend in Bauchi. Gital said as a result of the dwindling resources workers have been suffering due to delay in the payment of salaries. Usman said from February last year, government  paid February salary in March and that the situation continued till today and in December, “we collected November salary remaining that of  December.”