Afren to raise funds

Africa-focused oil and gas company Afren is to raise fresh funds through the issue of senior secured notes.The interest rate, offering price and other terms will be determined at the time of pricing of the offering, subject to market conditions.The proceeds from the offering will be used to repay debts and for general corporate purposes. The company said revenue in the first nine months of 2010 rose to $265.7m from $252.2m the year before.Profit before tax during the period was $75.3m, versus a loss of $7.6m the year before.