Seplat Petroleum Development Company Plc. Wednesday announced its launch of a 5 or 7-year U.S. dollar-denominated senior notes offering, proceeds from which would be used to refinance its existing indebtedness and general corporate purposes.
The notes, according to a statement signed by Roger Brown, its chief financial officer, would be issued by the company to investors in member states of the European Union Area (EEA) and would be guaranteed by certain of its subsidiaries.
According to the statement, the announcement is not an offer of securities of the company for sale in the United States, saying the securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act.
“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’),” it said adding 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.”
It equally noted that Seplat does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States.
“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.”