Seplat Energy Successfully Raises $567m Through Debt Refinancing
Samuel Mobolaji
Seplat Energy Plc has completed a tender offer, successfully raising $567.462 million, representing approximately 87.3 per cent of its $650 million 7.750 per cent Senior Notes due 2026.
The funds are intended to refinance existing obligations, with settlement expected on March 21, 2025.
The company has accepted all validly tendered notes at a purchase price of $1,000 per note. Any notes not repurchased will be redeemed on April 1, 2025, in accordance with the terms of the indenture.
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This debt refinancing initiative aligns with Seplat Energy’s strategy to optimize its financial.
Fitch Ratings has assigned a ‘B-(EXP)’ rating to Seplat Energy’s proposed notes, with the legal maturity initially set for June 2025, extending automatically to December 2026 upon successful completion of the refinancing.
This strategic financial move positions Seplat Energy to better manage its debt obligations and support its growth initiatives in the energy sector.
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