Moody's assigns Seplat bond B2

Moody's Investors Service said it assigned a B2 instrument rating to the planned benchmark-sized senior unsecured notes to be issued by Seplat Petroleum Development Co. plc.

The B2 corporate family rating, B2-PD probability rating and B2 instrument rating on its $350 million senior unsecured bonds due 2023 are unaffected, Moody’s said. The negative outlook is also unchanged.

The proceeds will be used to redeem all of the $350 million of senior unsecured notes and repay the $250 million drawn revolving credit facility.

“The transaction will extend Seplat's maturity profile and will create additional availability under its RCF, which will begin to amortize between July 1, 2022 and Dec. 31, 2023,” Moody’s said in a press release.

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