Seplat Energy Plc (LSE: SEPL and NGX: SEPLAT), exp issue ratings B/B- (s/p) by S&P/Fitch, US$650m 144A/Reg S no reg rights 5nc2 sr notes due 3/21/30. Call Schedule: Non-Callable during the first 2 years, First call at 100.000% + 50% of coupon, Second call at 100.000% + 25% of coupon, Callable thereafter at 100.000%. MWC T+50. 101 CoC. Citi (B&D)/JPM/Rand/Standard Bank/StanChart as JGCs/JBRs. Co-mgrs: FCMB Capital Markets, MCB Secs, Nedbank, United Bank for Africa, Zenith Bank. Guarantor: Seplat West Ltd, Seplat East Swamp Company Ltd and Seplat Energy Producing Nigeria Unlimited. Covenants: Incurrence-based covenants with limitation on debt incurrence (subject to FCCR greater than/equal to 2.25x), restricted payments, and asset sales. Other covenants substantially similar to the existing 2026 notes. Law/Listing: NY Law / London Stock Exchange (ISM). UOP: Refinance via Any-and-All tender offer of the existing 2026 notes, with respect to the 2026 notes that are not repurchased in the tender offer, to redeem in full the remaining 2026 notes, and to pay certain transaction fees and expenses. Netroadshow: https://www.netroadshow.com/nr... Pricing 3/13. Settle 3/21 (T+6).
IPTs: Low/Mid 9%s.LAUNCHED: $650m 5nc2 at 9.125%.
PRICED: $650m 9.125% 3/21/30 100.00 9.125% MW+50.
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Seplat Energy Plc (“Seplat”) (SEPLLN), a leading indigenous African independent upstream oil and gas company operating in Nigeria, rated B (Stable) by S&P and B- (Positive) by Fitch, has mandated Citi, J.P. Morgan, Rand Merchant Bank, Standard Bank and Standard Chartered Bank as Joint Global Coordinators and Joint Bookrunners and FCMB Capital Markets, MCB Securities Ltd, Nedbank, United Bank for Africa and Zenith Bank Plc as Co-Managers to organize a Global Investor Call at 11.00am EST / 3.00pm UKT on Tuesday, March 11, 2025, along with a series of fixed income investor calls. A potential 5NC2 Reg S / 144A USD benchmark Senior Notes offering (the “New Notes Offering”) will follow, subject to market conditions. J.P. Morgan is coordinating logistics.Seplat has also announced a concurrent any-and-all tender offer (the “Tender Offer”) on its outstanding USD650m 7.750% Notes due April 2026 (the “2026 Notes”) conditional upon, among other things, the successful completion of the New Notes Offering (the “Financing Condition”). The Tender Offer expiration and withdrawal deadline is set for 5.00pm NYT on March 18, 2025, pursuant to the Offer to Purchase dated March 11, 2025. Following completion of the Tender Offer and provided the Financing Condition is met, Seplat intends to redeem any remaining outstanding 2026 Notes pursuant to the terms of the indenture governing the 2026 Notes dated April 01, 2021 (as amended or supplemented). The Joint Global Coordinators are acting as Dealer Managers on the Tender Offer.