Bloomberg reports, The International Finance Corp. bought almost 13 percent of the debt sold by Seven Energy International Ltd., Seven Energy raised $400 million in bonds, of which the IFC bought $50 million. This month’s sale of 2021 debt included $300 million senior secured notes and the remainder were private bonds, according to a statement from Standard & Poor’s yesterday.
The IFC invested $105 million in equity in Seven Energy earlier this year to support the World Bank’s Nigeria Energy Business Plan to double power capacity within five years, according to the statement.
Seven Energy will use some of the debt proceeds for the Oron-Calabar pipeline to carry gas for power projects in southeastern Nigeria, the IFC said. Yields on Seven Energy’s $300 million of notes, issued at a 10.25 percent coupon, rose 19 basis points to 10.26 percent by 11:11 a.m. in Lagos.
Source: Bloomberg
