Seplat to Raise Fund to Redeem Existing Notes, Finance Credit Facility

Leading indigenous upstream oil and gas company, Seplat Petroleum Development Company Plc, has appointed Citi, J.P. Morgan, Standard Bank and Standard Chartered Bank as joint global coordinators and Natixis, Rand Merchant Bank and Société Générale as joint bookrunning managers to organize a global investor call at 3:00pm UKT on 22 March 2021 along with a series of 1×1 meetings with fixed income investors.

The company disclosed in a proposed bond statement issued on Monday March 22, 2021.

Seplat is presently rated B2 by Moody’s, B by S&P and B- by Fitch.

“A benchmark 5NC2 year US$-denominated Regulation S/Rule 144A senior unsecured guaranteed notes offering will follow, subject to market conditions,” Seplat stated.

The fund will be used to redeem existing Seplat 2023 notes, repay drawings under the Revolving Credit Facility, for general corporate purposes, and to pay transaction fees and expenses.