Commentary & Deal Flow

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%.