REG - Seplat Energy PLC - Pricing of Offering Senior Notes

Seplat EnergyAnnouncement

14/03/2025 07:00

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RNS Number : 7160A  Seplat Energy PLC  14 March 2025

Seplat Energy Plc

Pricing of Offering of USD$650 Million 9.125% Senior Notes due 2030

Lagos, Nigeria and London, United Kingdom - March 14, 2025

 

Seplat Energy Plc (the "Company") announces that it has priced its offering of
$650 million in aggregate principal amount of 9.125% senior notes due 2030
(the "Notes"). The Notes will be issued by the Company and guaranteed by
certain of its subsidiaries. The gross proceeds of the Notes will be used to
(i) repurchase Issuer's outstanding 7.750% Senior Notes due April 2026 (the
"2026 Notes") and (ii) pay transaction fees and expenses (the "Refinancing"
and, together with the Offering, the "Transactions").

Seplat had also announced a concurrent any-and-all tender offer (the "Tender
Offer") on its outstanding 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).

 

* * *

 

IMPORTANT INFORMATION

The information contained in this communication shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be any sale of
the securities referred to herein in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration, exemption from
registration or qualification under the securities laws of any such
jurisdiction. Seplat Energy Plc (the "Company") has not registered, and does
not intend to register, any portion of the securities in any of these
jurisdictions.

This communication is not an offer of securities for sale in the United
States. The securities referred to herein have not been registered under the
U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be
offered or sold in the United States absent registration or an exemption from
registration under the Securities Act, and the rules and regulations
thereunder.  The Company does not intend to register any of the securities in
the United States or to conduct a public offering of the securities in the
United States or elsewhere.

 In member states of the European Economic Area and the United Kingdom, this
communication (and any offer of the securities referred to herein if made
subsequently) is only addressed to and directed at persons who are "qualified
investors" within the meaning of Prospectus Regulation (EU) 2017/1129
(including as it forms part of United Kingdom law by virtue of the European
Union (Withdrawal) Act 2018).

Manufacturer target market (EU MiFID II product governance / UK MiFIR product
governance) is eligible counterparties and professional clients only (all
distribution channels). No EU PRIIPs / UK PRIIPs key information document
(KID) has been prepared as the securities are not available to retail in EEA
or the United Kingdom.

This communication does not constitute an offer of the securities to the
public in the United Kingdom.  This communication is being distributed to and
is directed only at (i) persons who are outside the United Kingdom or (ii)
persons who are investment professionals within the meaning of Article 19(5)
of the Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (the "Order"), and (iii) high net worth entities, and other persons to
whom it may lawfully be communicated, falling within Article 49(2)(a) to (d)
of the Order, and (iv) any other persons to whom it may otherwise lawfully be
communicated or caused to be communicated (all such persons in (i) to (iv)
together being referred to as "Relevant Persons").  Any investment activity
to which this communication relates will only be available to and will only be
engaged with, Relevant Persons.  Any person who is not a Relevant Person
should not act or rely on this document or any of its contents.

The distribution of this announcement into certain jurisdictions may be
restricted by law. Persons into whose possession this announcement comes
should inform themselves about and observe any such restrictions. Any failure
to comply with these restrictions may constitute a violation of the securities
laws of any such jurisdiction.

Forward Looking Statements

This press release includes in various places statements that are, or may
deemed to be, "forward‑looking statements" within the meaning of the
securities laws of certain jurisdictions. These forward‑looking statements
can be identified by the use of forward‑looking terminology, including the
terms "anticipate," "expect," "suggests," "plan," "believe," "intend,"
"estimates," "targets," "projects," "should," "could," "would," "may," "will,"
"forecast" and other similar expressions or, in each case, their negative or
other variations or comparable terminology. In addition, from time to time we
or our representatives, acting in respect of information provided by us, have
made or may make forward-looking statements orally or in writing and these
forward-looking statements may be included in but are not limited to press
releases (including on our website), reports to our security holders and other
communications.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO
THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER
NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING
SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.

ENDS

Enquiries:

 

Seplat Energy Plc

Eleanor Adaralegbe                       Chief Financial Officer

 

Brian Marcus                                 GM, Commercial
& Corporate Finance

 

Investor Relations                          Ir@seplatenergy.com
(mailto:Ir@seplatenergy.com)

About Seplat Energy

Seplat Energy PLC (Seplat) is Nigeria's leading indigenous energy company.
Listed on the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of
the London Stock Exchange (LSE: SEPL). Through our strategy to Build a
sustainable business and Deliver energy transition, we are transforming lives
by delivering affordable, reliable and sustainable energy that drives social
and economic prosperity.

Following the acquisition of Mobil Producing Nigeria Unlimited, Seplat
Energy's expanded portfolio now includes ten operational interests and one
financial interest across eleven oil and gas assets. These assets are located
in both onshore and shallow water areas within Nigeria's prolific Niger Delta
region. We manage these operations in collaboration with partners, including
the Nigerian Government and other oil producers. Furthermore, we have an
operating interest in three export terminals including the Qua Iboe export
terminal and Yoho FSO, as well as an operated interest in the Bonny River
Terminal (BRT) NGL recovery plant. We operate two gas processing plants
onshore, at Oben in OML 4 and Sapele in OML 41, and are soon to open the 300
MMscfd ANOH Gas Processing Plant in OML 53 as a joint venture with NGIC.
Combined, these gas facilities augment Seplat Energy's position as a leading
supplier of natural gas to the domestic power generation market.

For further information please refer to our
website; https://www.seplatenergy.com/ (https://www.seplatenergy.com/)

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