Seplat To Refinance Debt With $650m Note Issuance
Seplat Energy Plc has announced the launch of a $650m Senior Notes offering due 2030.
According to the company in a notice to the NGX, the net proceeds from the Offering will be utilized to refinance existing debt obligations, specifically to repurchase the company’s outstanding 7.750 per cent Senior Notes due 2026 and to cover transaction fees and expenses.
This initiative is part of Seplat’s broader financial strategy to optimize its capital structure, enhance financial flexibility, and extend its debt maturity profile.
As part of the refinancing plan, Seplat has also announced a concurrent any-and-all tender offer for its outstanding $650m 7.750 per cent Senior Notes due April 2026.
The Tender Offer is contingent upon the successful completion of the new Senior Notes Offering.
Holders of the 2026 Notes who participated in the Tender Offer within the stipulated period will have an opportunity to redeem their notes under the specified terms.
Following the expiration of the Tender Offer and subject to the satisfaction of the Financing Condition, Seplat intends to redeem any remaining outstanding 2026 Notes in accordance with the terms of the indenture governing the 2026 Notes.
Seplat Energy has emphasized that while the Transactions—the Offering and the Refinancing—are designed to strengthen its financial position, their completion remains subject to prevailing market conditions and other factors. There is no assurance that the Transactions will be successfully concluded.
Seplat To Refinance Debt With $650m Note Issuance is first published on The Whistler Newspaper
