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Seplat Energy Completes $567m Buyback of 2026 Senior Notes 20th March 2025
Seplat Energy Plc has concluded its tender offer to repurchase $567.46 million worth of its outstanding 7.750 per cent senior notes due 2026, representing 87.3 per cent of the total notes.
In a regulatory filing with the Nigeria Exchange Limited on Wednesday, Seplat Energy confirmed the acceptance of valid tenders for repurchase at $1,000 per principal amount, with settlement anticipated on March 21, 2025.
“As of the expiration deadline, $567,462,000 in aggregate principal amount of the 2026 notes, representing approximately 87.3 per cent of the aggregate principal amount outstanding of the 2026 notes, were validly tendered and not validly withdrawn,” Seplat Energy stated.
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Additionally, the company disclosed that any remaining 2026 notes would be redeemed on April 1, 2025, in accordance with the indenture’s terms.
“No notes were tendered under the guaranteed delivery procedures,” the statement added.
In a related move, Seplat Energy announced the launch of a $650 million senior notes offering due in 2030 as part of its broader debt refinancing strategy aimed at improving its financial standing and cutting down borrowing costs.
