Seplat prices $650m senior notes offering

Seplat Petroleum Development Company Plc announced on Thursday that it has priced its offering of $650 million in aggregate principal amount of 7.75 percent senior notes due 2026.

The Nigerian independent oil and gas firm said the notes would be issued by it and guaranteed by certain of its subsidiaries.

“The gross proceeds of the notes will be used to redeem the existing $350 million 9.25 percent senior notes due 2023, to repay drawings of $250 million under the existing $350 million revolving credit facility, for general corporate purposes, and to pay transaction fees and expenses,” it said in a statement.