Seplat issues $650 million 5-year Senior Notes



Seplat Petroleum Development Company Plc, Seplat, a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange, NSE, and the London Stock Exchange, LSE, has priced its offering of $650 million in aggregate principal amount of senior notes due 2026.

The notes priced at a yield of 7.75%, representing a significant pricing reduction from its $350 million debut issuance in 2018, which priced at a yield of 9.50%, with a coupon of 9.25%. The size represents the largest ever Nigerian oil and gas bond issuance.

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.

Orders came from high-quality institutional investors with long-term commitments to Seplat as well as new institutional investors. The transaction was well received in the market and traded above par post-pricing.

The transaction shows confidence by the…

Source: Vanguard Newspaper