Leading Nigerian energy company Seplat Energy Plc, has announced the launch of an offering of $650 million senior notes due 2030 (priced at 9.125%)
The net proceeds from the offering will be utilized to repurchase the company's outstanding 7.750% senior notes due 2026, which holds the distinction of being the largest-ever Nigerian oil and gas bond issuance. Additionally, the proceeds will cover transaction fees and expenses associated with the refinancing effort.
In conjunction with the offering, Seplat Energy Plc has also launched a tender offer to repurchase any and all of its outstanding $650 million 7.750% senior notes due April 2026 (2026 notes). The tender offer is contingent upon, among other factors, the successful completion of the new notes offering.
The proceeds from 2026 notes were used to redeem the company's $350 million outstanding notes from 2018 and repay $250 million in bank debt, as well as finance general corporate purposes.
The expiration and withdrawal deadline for the tender offer is set for 5:00 p.m. New York Time (NYT) on March 18, 2025, as outlined in the Offer to Purchase dated March 11, 2025.
Upon completion of the tender offer and provided that the financing condition is met, Seplat Energy Plc intends to redeem any remaining outstanding 2026 notes in accordance with the terms of the indenture governing the 2026 notes, dated April 1, 2021, as amended or supplemented.
Latham & Watkins and TEMPLARS served as advisors to Seplat on its 2026 notes offering
.jpg)
.webp)
