Seplat Energy Seeks to Raise $650m for Debt Refinancing
Seplat Energy Plc has launched an offering of USD$650 million in senior notes due in 2030 at $1000 per note, according to its regulatory filing issued on the Nigerian and London Stock Exchange on Tuesday.
The energy company said the net proceeds of the offering will be used to repurchase its outstanding 7.750% senior notes due in 2026.
Seplat also plans to pay transaction fees and expenses from the proceeds, according to its filing. “There can be no assurance that the transactions will be completed,” Seplat Energy said. Seplat also announced a concurrent any-and-all tender offer on its outstanding USD$650 million 7.750% Senior Notes due April 2026.
The transaction, according to Seplat, is conditional upon, among other things, the successful completion of the new notes offering. The purpose of the tender offer, together with the proposed offering of senior notes by the company is to manage the financial liabilities and cost of debt.
The tender offer expiration and withdrawal deadline is set for 5.00pm New York Time on March 18, 2025, pursuant to the offer to purchase.
Following completion of the tender offer and provided the financing condition is met, Seplat said it intends to redeem any remaining outstanding 2026 notes pursuant to the terms of the indenture governing the 2026 notes dated April 01, 2021. #Seplat Energy Seeks to Raise $650m for Debt Refinancing Honeywell Flour Mills Sees Early Price Surge of 10%
