Ashurst advises lenders on refinancing and upsizing of Seplat Energy's up to US$500 million revolving facility

"Ashurst advised a syndicate of 16 lenders and Bracewell LLP (London) acted for Seplat Energy PLC on the refinancing and upsizing of a secured revolving credit facility of up to US$500 million. The fifth iteration since 2014, the complex multi‑jurisdictional transaction features bespoke intercreditor mechanics and a pre‑baked accordion; proceeds will fund Seplat's working capital and support its role in Nigeria's energy transition."

Ashurst advised a syndicate of lenders, while Bracewell LLP (London) acted for Seplat Energy PLC. The firms worked on the refinancing and upsizing of a secured revolving loan facility of up to US$500 million for Seplat Energy PLC. This is the fifth iteration of the facility, originally agreed in 2014, and the enlarged facility attracted 16 lenders. The transaction incorporated a pre‑baked accordion to allow further expansion and required bespoke intercreditor mechanics to address its multi‑jurisdictional complexity. The proceeds will be used to finance Seplat's ongoing working capital requirements as the company strengthens its reputation as a core driver of energy transition in Nigeria. The significant upsizing further strengthens Seplat's relationships with leading international financial institutions and demonstrates the ability of Seplat, and Nigeria more generally, to attract diverse global capital. Ashurst represented the syndicate of lenders with a team composed by: Matthew Wood (partner); Edgar Thornton (associate); Ben Brindley (trainee); Isabella Lynn (trainee). Bracewell LLP represented Seplat Energy PLC with a team composed by: the Bracewell LLP London team.

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Ashurst advises lenders on refinancing and upsizing of Seplat Energy's up to US$500 million revolving facility

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Ashurst advises lenders on refinancing and upsizing of Seplat Energy's up to US$500 million revolving facility

Read the full story

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