ABC Orjiakor’s Seplat Petroleum Takes Up Fresh $1b Loan To Keep Company Afloat

…sources unsure of effect of new arrangement on tension causing rancour between Chairman and MD.

Seplat Petroleum Development Company, with ABC Orjiakor as Chairman and Mr Austin Avuru as Managing Director just secured a new funding to keep the operations of the company going.

The latest fund injection that takes care of crippling debt portfolio is disclosed as a $1b debt refinancing facility.

Information sourced disclosed it comes via a new $700m seven year secured term facilty and US $300 million three year secured revolving credit facility.

The $700m loan facility repayable quarterly from the end of June 2015 comes from a consortium of four Nigerian banks – while the $300m fund provision is made available by a group of eight international bank and comes up for repayment from December 2015.

ABC Orjiakor

Further digs by societynowng.com revealed the fresh $1b loan facility takes care of the existing debt portfolio adding up to $552 million – while the rest would be used to keep the company’s operations going and tap into possible areas of added entrepreneurial pursuit.

Information available to societynowng.com revealed that the need to free it itself from the shackles of existing debts as a result of inability to convenient meets terms of payment necessitated the emergence of the fresh arrangement.

Dwindling company performances before this latest arrangement had resulted inhigh tension between the Chairman ABC Orjiakor and the Managing Director, Austin Avuru.

Here is a link for background – http://societynowng.com/Company-Misfortune-Pitches-Seplat-Chairman-ABC-Orjiakor-MD-Austin-Avuru-Against-Each-Other

Societynowng.com sources could however not confirm whether the $1b fresh fund injection bring the two top shots together on how to put it to effective use or throw them further as regards control.