Seplat Petroleum talks $300 million to $400 million five-year notes at high 9% area yield

By Rebecca Melvin

New York, March 12 – Nigeria’s Seplat Petroleum Development plc was talking $300 million to $400 million of five-year notes (expected ratings: B2/B-/B-) to yield in the high 9% area on Monday, according to a syndicate source.

Citigroup, Standard Bank and Standard Chartered Bank are joint global coordinators for the Rule 144A and Regulation S deal.

Deal size was trimmed from an initially proposed $500 million of notes, and the notes, which are non-callable for two years, are guaranteed by Seplat West Ltd., Newton Energy Ltd. and Seplat East Swamp Ltd.

Proceeds are earmarked to refinance existing debt and for general corporate purposes.

The bond represents the company’s first foray into the international debt market, and the first cross-border bond for an African corporate issuer this year.

Seplat is a Nigerian oil and gas exploration and development company.

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