By Rebecca Melvin
New York, March 26 – Nigeria’s Seplat Petroleum Development Co. plc priced $650 million of 7¾% five-year senior notes (B2/B/B-) at par, according to a notice.
The notes are non-callable for two years.
J.P. Morgan Securities plc, Citi, Standard Bank, Standard Chartered Bank, Natixis, Rand Merchant Bank, Societe Generale, FCMB Capital Markets, Nedbank, United Bank for Africa and Zenith Bank plc were the managers.
Concurrently with the offering the company is redeeming its existing $350 million 9¼% senior notes due 2023.
The new notes will be listed on the London Stock Exchange.
Seplat is a Nigerian oil and gas exploration and development company.
| Issuer: | Seplat Petroleum Development Co. plc
|
| Amount: | $650 million
|
| Tenor: | Five years
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| Securities: | Notes
|
| Bookrunners: | J.P. Morgan Securities plc, Citi, Standard Bank, Standard Chartered Bank, Natixis, Rand Merchant Bank, Societe Generale, FCMB Capital Markets, Nedbank, United Bank for Africa and Zenith Bank plc
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Calls: | Non-callable for two years
|
| Announcement date: | March 26
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Fitch: B-
|
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