WATCH THE VIDEO HERE Seplat Energy Plc has revealed the launch of $650 million in Senior Notes due 2030, intended to refinance and repurchase existing notes maturing in April 2026. This information was announced by the group on the Nigerian Exchange on March 14th, 2025, and signed by Chief Financial Officer Eleanor Adaralegbe. According to the company, it will issue 9.125% senior notes, guaranteed by certain subsidiaries, with proceeds primarily used to repurchase the 7.750% Senior Notes due in 2026 and cover transaction fees. “The gross proceeds of the Notes will be used to (i) repurchase the Issuer’s outstanding 7.750% Senior Notes due April 2026 (the ‘2026 Notes’) and (ii) pay transaction fees and expenses (the ‘Refinancing’ and, together with the Offering, the ‘Transactions’).” Additionally, Seplat has initiated a concurrent tender offer for all outstanding 2026 Notes, referred to as the “Tender Offer.” This offer is contingent upon the successful completion of the New Notes Offering. According to the company, the expiration and withdrawal deadline for the Tender Offer is set for 5:00 PM New York Time on March 18, 2025, as outlined in the Offer to Purchase dated March 11, 2025. The group emphasized, “Following completion of the Tender Offer and provided the Financing Condition is met, Seplat intends to redeem any remaining outstanding 2026 Notes under the terms of the indenture governing the 2026 Notes dated April 01, 2021 (as amended or supplemented).” Seplat Energy Plc recently reported an 11% increase in total production following the acquisition of Mobil Producing Nigeria Unlimited (MPNU), which has now been renamed Seplat Energy Producing Nigeria Unlimited (SEPNU). According to the report, Seplat’s onshore assets averaged 48,618 barrels of oil equivalent per day (boepd) in 2024, a 2% increase from the 47,758 boepd recorded in 2023.
Seplat Energy unveils $650 million Senior Notes due 2030, outlines use of proceeds
