Seplat Petroleum Development Co PLC - Nigerian oil & gas company - Proposes a US dollar-denominated senior unsecured guaranteed notes offering, subject to market conditions. Says it will use the proceeds to redeem the existing USD350 million senior notes due 2023, repay drawings under its revolving credit facility, for general corporate purposes, and to pay transaction fees and expenses. Sets redemption date to April 1. The redemption price of the Notes is 102.3125% of the principal amount of the notes to be redeemed.
Moody Investors Service assigns a B2 rating to the proposed bond. Seplat's B2 corporate family rating, B2-PD probability rating and B2 instrument rating on its USD350 million senior unsecured bonds due 2023 are unaffected, Moody's says, with the negative outlook also unchanged.
Current stock price: 78.40 pence
Year-to-date change: up 21%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Seplat Energy (SEPL)