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Nigeria-focused Seven Energy postpones $500 million seven-year notes
By Christine Van Dusen
Atlanta, July 31 – Nigeria-focused Seven Energy has postponed until at least the Aug. 4 week its planned issue of $500 million notes due in seven years (/B-/B-) due to current market conditions, a market source said.
The company was expected to price the notes on Thursday after setting talk in the mid-9% area.
Deutsche Bank, Morgan Stanley and Standard Chartered Bank were the bookrunners for the Rule 144A and Regulation S deal.
The notes were to be non-callable for three years and include a change-of-control put at 101%.
The proceeds were to be used to redeem convertible bonds, to refinance existing debt and for general corporate purposes.
The energy company is based in Lagos and London.
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