Global law firm Ashurst has advised a syndicate of lenders on the refinancing and upsizing of an up to US$500 million revolving loan facility for Seplat Energy PLC, a leading Nigerian energy supplier and producer. A complex multi-jurisdictional transaction requiring bespoke intercreditor mechanics, this represents Ashurst's latest significant financing in the Nigerian energy market.
This is the fifth iteration of the revolving credit facility, first agreed in 2014, and, having attracted 16 lenders, further strengthens Seplat's relationship with leading international financial institutions. The significant upsizing, including a pre-baked accordion, demonstrates the success of Seplat, in particular, and Nigeria, more generally, in attracting diverse global capital.
The proceeds of the debt which will be used to finance Seplat Energy PLC's ongoing working capital requirements as it strengthens its reputation as a core driver of energy transition in Nigeria.
The team was led by partner Matthew Wood, supported by associate Edgar Thornton and trainees Ben Brindley and Isabella Lynn. Bracewell LLP (London) acted for Seplat.
