Afren starts roadshow for offering of seven-year senior secured notes

By Paul A. Harris

Portland, Ore., Nov. 19 - Afren plc began a roadshow on Tuesday in Los Angeles for a to-be-determined amount of seven-year senior secured notes (/B+/B+), according to a market source.

The roadshow moves to New York on Wednesday, to Boston on Thursday and to London on Friday.

The London-based oil and gas exploration, development and production company has operations in Africa and the Middle East. As such, the deal is being transacted on the emerging markets desk but is expected to also garner an audience among high-yield investors, sources say.

Global coordinator Citigroup is a joint lead manager and joint bookrunner for the Rule 144A and Regulation S for life offering. BofA Merrill Lynch and Credit Suisse are also joint lead managers and joint bookrunners.

The notes come with three years of call protection.

Proceeds will be used to fund the tender for the company's notes maturing in 2016 and 2019; a clause in the credit agreement allows for the security on the notes to fall away upon full repayment of the 2016 and 2019 notes.

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