By Dipo Olowookere
Leading Nigerian independent oil and gas firm listed on both the London and Nigerian stock exchanges, Seplat, has announced the launch of its Dollar-dominated notes to be guaranteed by certain of its subsidiaries.
A statement issued by the company on Wednesday explained that the 5 or 7-year Dollar bonds would be used to refinance its debts and also to strengthen its operations.
“The proceeds of the notes will be used to refinance existing indebtedness and for general corporate purposes,” the statement signed yesterday by Seplat’s Chief Financial Officer, Mr Roger Brown, explained.
Mr Brown further said in the statement that the notes would only be sold to investors located outside the United States, but are in member states of the European Economic Area.
He explained that the securities have not been registered under the US Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act.
Furthermore, Mr Brown noted that, “This announcement is not an offering circular or an invitation to the public to acquire or dispose of any securities of the company pursuant to the Nigerian Investments and Securities Act, No. 29 of 2007 (ISA) and the Rules and Regulations of the Nigerian SEC, 2013, as amended (Nigerian SEC Rules).
“The securities have not been registered under the ISA and may not be offered or sold within Nigeria to, or for the account or benefit of, persons resident in Nigeria, except to the extent that the relevant offering memorandum and the securities have been registered with the Nigerian SEC and its written approval obtained in accordance with the provisions of the ISA and the Nigerian SEC Rules.”
