Seplat lists $350m senior notes on International Securities Market

The management of Seplat Petroleum Development Company Plc yesterday announced that it has listed its $350 million senior notes for trading on the International Securities Market of the London Stock Exchange.

Issued earlier this year (March 21), the 9.25% senior notes were previously listed on the Euro MTF market of the Luxembourg Stock Exchange. They are due in 2023.

But some people may not be able to purchase the notes

In a statement sent to the Nigerian Stock Exchange, the company specifically warned that the offered securities are not for sale in the United States of America. This is because the securities are not registered under the US Securities Act of 1933.

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As a matter of fact, the company said it does not intend to register any part of the security in the North American country, neither does it plan to conduct an initial offering there.

In the same vein, the statement made it clear that the offered notes are not for sale to the Nigerian public either. A part of the statement to the NSE reads thus:

“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 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.” – Seplat

In light of the foregoing, therefore, the offer is basically not meant for everyone. Instead, only people and institutions that fall into the following categories are qualified to partake:

• Persons who are located outside the United States of America.
• Persons in member states of the European Economic Area.
• Persons in the United Kingdom who are qualified investors.
• Qualified institution buyers, etc.

Seplat Petroleum Development Company Plc is a leading oil exploration company which is listed on both the Nigerian Stock Exchange and the London Stock Exchange. Its share price closed at N610 on Wednesday, August 29, 2018.