Seplat Energy Plc has truly launched the launch of a $650m aged notes offering due in 2030 as part of its wider monetary obligation refinancing method focused at optimizing its financial placement and reducing monetary obligation costs.
In a declaration submitted with the Nigerian Exchange on Tuesday, the present relocation comes as Seplat Energy appears for to purchase its present $650m 7.750 % aged notes due in April 2026, offering financiers a chance to tender their holdings previous to the expiry due date established for March 18, 2025.
The aboriginal energy enterprise specified, “Seplat Energy Plc, listed on the Main Market of the London Stock Exchange and the Premium Board of the Nigerian Exchange Limited, has launched an offering of $650m Senior Notes due 2030. The net proceeds of the offering will be used to repurchase the issuer’s outstanding 7.750 per senior notes due 2026 and pay transaction fees and expenses.”
According to the enterprise, the brand-new providing will definitely allow it to successfully deal with its obligations whereas ensuring financial safety. It launched a simultaneous tender deal to purchase its present 2026 notes, with the negotiation day anticipated on March 21, 2025, primarily based on satisfying the funding downside.
“The Tender Offer expiration and withdrawal deadline is set for 5:00 pm NYT on March 18, 2025, pursuant to the Offer to Purchase dated March 11, 2025,” Seplat Energy specified within the declaring.
The energy firm moreover cleared up that if the funding downside is glad, any sort of staying 2026 notes will definitely be retrieved beneath the regards to the indenture regulating these notes.
“Following completion of the Tender Offer and provided the Financing Condition is met, Seplat intends to redeem any remaining 2026 Notes under the terms of the indenture governing the 2026 Notes dated April 01, 2021 (as amended or supplemented),” it acknowledged.
Seplat Energy stored in thoughts that the safeties used beneath the refinancing marketing campaign have truly not been signed up beneath united state safeties rules, limiting their sale within the United States, the European Economic Area, and the United Kingdom aside from beneath particulars exceptions.
“This communication is not an offer of securities for sale in the United States. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act,” the declaration checked out.
The enterprise moreover harassed that financiers that be part of the tender deal will definitely be prioritised in assigning the brand-new notes, although final allowances keep at Seplat’s discernment.
“When considering any potential allocation of New Notes, the Company intends, but is not obligated, to give some degree of preference to those investors who, before such allocation, have validly tendered, or have indicated to the Company or the Dealer Managers their firm intention to tender Notes in the Offer,” it revealed.
“The purpose of the tender offer, together with the proposed offering of senior notes by the company announced on March 11, 2025, is to manage the financial liabilities and cost of debt financing of the group,” Seplat Energy specified.
The strike reported that Seplat Energy Plc has truly launched a income of N1.652 trn for the 2024, noting a considerable improve from N696.9 b within the earlier yr.
