Seplat Energy Plc has launched an offering of USD$650 million Senior Notes due 2030 (the “Notes”). The net proceeds of the Offering will be used to (i) repurchase Issuer’s outstanding 7.750% Senior Notes due 2026 and (ii) pay transaction fees and expenses.
In a statement available on the platform of the Nigerian Exchange, Seplat Energy stated thus:
“There can be no assurance that the Transactions will be completed.”
The Issuer has also announced a concurrent any-and-all tender offer on its outstanding USD$650 million 7.750% Senior Notes due April 2026 conditional upon, among other things, the successful completion of the New Notes Offering (the “Financing Condition”). The Tender Offer expiration and withdrawal deadline is set for 5.00pm NYT on March 18, 2025, pursuant to the Offer to Purchase dated March 11, 2025. Following completion of the Tender Offer and provided the Financing Condition is met, Seplat intends to redeem any remaining outstanding 2026 Notes pursuant to the terms of the indenture governing the 2026 Notes dated April 01, 2021.