Home Oil & Gas Seplat issues $650m 5-year senior notes

Seplat issues $650m 5-year senior notes

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Seplat Petroleum Development Company Plc, a Nigerian independent energy company, said on Sunday that it had priced its offering of $650m in aggregate principal amount of senior notes due 2026.

It said the notes priced at a yield of 7.75 per cent, represented a significant pricing reduction from its $350m debut issuance in 2018, which was priced at a yield of 9.50 per cent, with a coupon of 9.25 per cent.

The company said in a statement, “The offering was well oversubscribed with demand from 120 global investors from more than 20 countries resulting in a final overbook in excess of $1.1bn, which was 1.7 times book coverage.

NIPC INTELLIGENCE

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