LONDON (Alliance News) - Vivo Energy PLC on Wednesday said it has ended plans to offer USD400 million of senior notes due to "adverse" market conditions.
The decision comes despite the firm, which sells Royal Dutch Shell PLC-branded fuels and lubricants, saying it had received strong interest for the proposed offer.
At the end of May, Vivo had said subsidiary Vivo Energy Investments BV would issue USD400 million of senior notes due in either 2023 or 2025.
The proceeds would have been used to repay three term facilities, pay for its initial public offering costs, and finance the proposed buy of Engen International Holdings (Mauritius) Ltd.
Vivo raised GBP548.0 million in early May through an IPO in both London and Johannesburg which valued it at GBP1.98 billion.
Johannesburg shares were down 3.0% at ZAR26.96 each Wednesday, while London shares were 2.3% lower at 150.00 pence each.