By Ayomide Otitoju
Seplat Energy Plc has announced the launch of a $650 million senior note offering due in 2030, according to a statement filed at the Nigerian Stock Exchange (NSE) on Tuesday.
The net proceeds from the offering will be used to repurchase the company’s outstanding 7.750% Senior Notes due 2026, as well as to cover transaction fees and expenses.
In addition to the new offering, Seplat Energy has also launched a concurrent any-and-all tender offer for its outstanding $650 million 7.750% Senior Notes due April 2026. This tender offer is conditional upon the successful completion of the new notes offering, among other factors.
The expiration and withdrawal deadline for the tender offer has been set for 5:00 p.m. New York Time (NYT) on March 18, 2025, in accordance with the Offer to Purchase dated March 11, 2025.
Seplat Energy stated that upon completion of the tender offer and fulfillment of financing conditions, the company intends to redeem any remaining 2026 Notes under the terms of the indenture governing the 2026 Notes dated April 1, 2021.
