Seplat Raises $260 Million to Complete Key Nigerian Gas Project
- Company received commitments for more than $450 million
- ANOH project will help Seplat, Nigeria cut reliance on oil
This article is for subscribers only.
Seplat Petroleum Development Co. successfully raised $260 million in debt to fund the completion of a key gas project it jointly owns with the state oil company.
Funding for the Assa North-Ohaji South gas project was provided by a consortium of seven Nigerian and international lenders, including Stanbic IBTC Bank, Zenith Bank Plc and Mauritius Commercial Bank, Seplat said in a statement published on the Nigerian Stock Exchange website. Funding commitments of more than $450 million were received, a “significant over-subscription and a strong sign of confidence in the project,” the company said.