Seplat Energy Plc has announced the launch of a N1.01 trillion senior notes offering due 2030, aimed at refinancing its existing debt obligations.
According to a statement filed on the portal of Nigerian Exchange Limited (NGX) on Tuesday, the proceeds from the bond issuance will be used to repurchase the company’s outstanding 7.750 per cent senior notes due 2026 and cover transaction-related costs. In line with this refinancing strategy, Seplat has also initiated an any-and-all tender offer for its outstanding $650 million 7.750 per cent senior notes maturing in April 2026. The offer is contingent upon the successful completion of the new bond issuance, with a deadline set for 5:00 p.m. New York Time on March 18, 2025, as stipulated in 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 1, 2021 (as amended or supplemented),” the company stated.
Listed on both the Nigerian Exchange Limited (NGX) and the main market of the London Stock Exchange (LSE), the company notes that it would continue to strengthen its position as Nigeria’s leading indigenous energy firm, committed to sustainability and the energy transition by delivering reliable and affordable energy solutions.
The company recently reported a revenue of N1.652 trillion and a profit of N647.9 billion for 2024 financial year. Seplat also announced a special dividend that brought its total 2024 dividend to $16.5 per share, a 10 per cent increase from the previous year. Additionally, it plans to invest between $280 million and $320 million in new wells and infrastructure in 2025, aligning with its production expansion goals following its acquisition of Exxon Mobil’s assets in Nigeria.
Seplat had expanded its portfolio to include ten operational interests and one financial interest across eleven oil and gas assets, spanning both onshore and shallow water locations in Nigeria’s Niger Delta region.