Seplat Energy Plc has announced the issuance of $650 million in Senior Notes due in 2030, aimed at refinancing and repurchasing existing debt maturing in April 2026.
The disclosure was made on March 14, 2025, through a filing on the Nigerian Exchange, signed by Chief Financial Officer Eleanor Adaralegbe. The company plans to issue 9.125% senior notes, guaranteed by certain subsidiaries, with the proceeds directed toward repurchasing the 7.750% Senior Notes due in 2026 and covering transaction expenses.
“The gross proceeds of the Notes will be used to (i) repurchase the Issuer’s outstanding 7.750% Senior Notes due April 2026 (the ‘2026 Notes’) and (ii) pay transaction fees and expenses,” the statement read.
Seplat has also launched a tender offer for all outstanding 2026 Notes, with the expiration deadline set for March 18, 2025, at 5:00 PM New York Time. The company further stated that if the financing conditions are met, it will redeem any remaining 2026 Notes under the terms of the original indenture.
Production Growth and Expansion
Seplat recently reported an 11% increase in total production following its acquisition of Mobil Producing Nigeria Unlimited (MPNU), now renamed Seplat Energy Producing Nigeria Unlimited (SEPNU). The company’s onshore assets produced an average of 48,618 barrels of oil equivalent per day (boepd) in 2024, reflecting a 2% rise from 2023. With the integration of SEPNU, total production reached 52,947 boepd.
Seplat’s independently audited 2P reserves surged by 85%, reaching 886 million barrels of oil equivalent (MMboe), up from 478 MMboe in 2023.
Source: nairametrics.com
