SEPLAT Issues $650m 5-Year Bond, Largest Nigerian Oil and Gas Offering in History

Proshare

Tuesday, March 30, 2021   /03:01 PM / by Seplat Petroleum Devt Company Plc / Header Image Credit: Seplat Petroleum Devt Company Plc

 

Seplat Petroleum Development Company Plc ("Seplat" or the "Company"), 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").

 

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 international market in the Nigerian economy and the oil and gas sector in particular, with a number of the investors committing to the transaction based on the strong gas story of Seplat.

 

The Global Coordinators on the transaction are Citi, J.P. Morgan, Standard Bank and Standard Chartered Bank, with Natixis, Rand Merchant Bank and Societe Generale acting as Joint Bookrunners and FCMB Capital Markets, Nedbank, United Bank for Africa and Zenith Bank Plc acting as Co-Managers.

 

Proshare Nigeria Pvt. Ltd.


Related News

1.      SEPLAT Announces the Pricing of $650m 7.75% Senior Notes Due 2026

2.     Moody's Assigns B2 Rating to Seplat's Proposed New Bond

3.     Nigeria-Based Seplat Petroleum Outlook Revised to Stable; Proposed Notes Rated 'B' by S and P Global

4.               Fitch Rates Seplat's Upcoming Notes 'B-(EXP)'

5.     SEPLAT Notifies of Proposed Bond Issue and Conditional Redemption

6.     SEPLAT Announces Westport s Refinancing on reserve-based Lending Facility...

7.     SEPLAT Reports on Payments to Governments for the Year 2020...

8.     SEPLAT Notifies of Amendment to the Ex-Dividend Rate...

9.     SEPLAT Releases Holding Statement on Pointblank Publications...

10.  SEPLAT Declares N30.7bn Loss in 2020 Audited Results SP N530.00k ...

11.   SEPLAT to Issue its FY 2020 Audited Results on March 1 2021...

12.  Court Suspends Order of Interlocutory Injuctions on Seplat s Office Building...

13.  FHC Upholds Mareva Injunction in Access Bank Case Bank to Hold Onto SEPLAT s As...

14.  SEPLAT Announces a Crude Purchase Agreement with Waltersmith Petroman Oil Ltd...

15.  Seplats Navigation of Funding Options Dual Listings Eurobond and the Cardinal...

                            

 

 Proshare Nigeria Pvt. Ltd.

 



 Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

 

 Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP