Seplat Petroleum Development Company Plc has expressed its willingness to redeem its entire $350,000,000 aggregate principal amount of 9¼% Senior Notes due 2023 on March 30, 2021.
It is a business day prior to the redemption date of April 1, 2021, the oil and gas firm said in a notice at the Nigerian Stock Exchange.
According to the company, Citibank, N.A., London Branch is the trustee and principal paying agent of the notes.
Highlighting the terms and conditions for the redemption, the company said, “The redemption price of the Notes is 102.3125 per cent of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest from October 1, 2020 (the last Interest payment date for which interest on such Notes was paid) to (but not including) the redemption date, and additional amounts, if any.
“Assuming a Redemption Date of April 1, 2021, the Issuer will have paid prior to the Redemption Date, the accrued and unpaid interest from October 1, 2020, to, but excluding, the Redemption Date, which will be $16,187,500 ($1,069.38 per $1,000 denomination).”
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“Unless the Issuer defaults in making the redemption payment in the amount of the Redemption Price or the Paying Agent is prohibited from making such payment pursuant to the terms of the Indenture, interest and Additional Amounts, if any, on the Notes (or portion thereof) called for redemption shall cease to accrue on and after the Redemption Date.”
As part of the terms and conditions, Seplat said its obligation to redeem any of the Notes on the redemption date is conditioned upon it receiving on or prior to the Redemption Date the necessary funds to redeem the Notes in full and pay all related expenses (the “Condition Precedent”).
Accordingly, it said none of the Notes shall be deemed due and payable on the Redemption Date unless and until the condition precedent is satisfied or waived by the Issuer.
