…Says revenue is for offsetting existing debts
OpeOluwani Akintayo
01 March 2018, Sweetcrude, Lagos – Seplat Petroleum Development Company Plc has announced the launch of a five to seven year U.S. dollar-denominated regulation S/144 A senior notes bond offering.
The offering was contained in a memo to the Nigerian Stock Exchange, NSE on Wednesday, obtained by SweetcrudeReports.
The memo signed by the company’s Chief Financial Officer, Mr. Roger Brown, said the notes will be issued by the company and guaranteed by “certain of its subsidiaries”.
The proceeds of the notes will then be used to refinance existing indebtedness and for general corporate purposes.
According to the statement, the offering is not an offer of securities of the company for sale in the United States, as its securities have not been registered under the U.S. 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.
The company said it does not intend to register any part of the offering in the United States or to conduct a public offering of securities in there.
“Any offering of securities will be made by means of a prospectus that may be obtained from the company and that will contain detailed information about the company and its management, as well as financial statements.
“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 (the “ISA“) and the Rules and Regulations of the Nigerian SEC, 2013, as amended (“Nigerian SEC Rules”),” the company said in the letter.
It added that 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.
The offering came on the heels of its recent appointment of Effiong Okon as Executive Operations Director of the company on Friday, 23 February 2018.
