Seplat Energy Plc has announced that it will redeem the entire outstanding principal on its U.S. dollar-denominated notes issued under the April 1, 2021 indenture agreement with the redemption scheduled to occur on April 1, 2025.
In a regulatory notice released on Monday, the company’s Chief Financial Officer, Eleanor Adaralegbe, confirmed that the redemption will cover a total outstanding principal of $3.2 million, including accrued and unpaid interest calculated from October 1, 2024, to the day prior to the redemption date.
The redemption price has been set at 100% of the principal amount, alongside accrued interest totaling $3,198,347.50, which translates to $1,038.75 per $1,000 note denomination.
“The redemption date for the notes will be April 1, 2025, while the record date for noteholders to qualify for the redemption payment is March 31, 2025,” the notice stated.
Seplat Energy emphasized that only investors holding the notes as of the record date would be eligible to receive full redemption benefits.
The company advised noteholders to surrender their notes to Citibank N.A., London Branch, which is serving as the designated paying agent for the transaction.
In line with the indenture agreement, Seplat Energy confirmed that interest will cease to accrue on the notes from the redemption date, except in cases where payment is delayed or the transaction cannot be processed under the stipulated terms.
This latest development reflects Seplat Energy’s ongoing commitment to meeting its financial obligations and maintaining investor confidence through timely debt service and transparency.
The redemption follows a series of strategic debt actions by the company in recent years, including the successful issuance and refinancing of longer-tenor instruments to optimize its capital structure.
The move is expected to further strengthen Seplat’s balance sheet as it continues to position itself as a leading indigenous player in Nigeria’s energy sector.
Seplat Energy remains focused on operational efficiency and disciplined capital allocation with an emphasis on delivering long-term value to its stakeholders.
