Seplat Energy to Redeem $3.2m Outstanding Notes on April 1

Seplat Energy Plc has announced plans to redeem its remaining $3.2 million outstanding notes on April 1, 2025, in accordance with its indenture agreement.

In a statement released recently, the company’s Chief Financial Officer, Eleanor Adaralegbe, confirmed that the redemption applies to the entire outstanding principal amount of the notes issued under the indenture dated April 1, 2021.

To qualify for the redemption payment, noteholders must hold their notes by March 31, 2025. The redemption price will be 100 percent of the principal value, along with accrued and unpaid interest from October 1, 2024, up to, but not including, the redemption date.

Seplat Energy disclosed that the accrued interest for the period amounts to $3,198,347.50, translating to $1,038.75 per $1,000 denomination of the notes.

“The redemption date for the notes is April 1, 2025, and the record date for noteholders eligible for payment is March 31, 2025,” the company stated.

The company advised noteholders to surrender their notes to Citibank N.A., London Branch, which serves as the paying agent, to receive their redemption payments.

Seplat Energy also assured investors that interest on the notes will cease to accrue after the redemption date, except in the event of a payment default or if the paying agent is unable to process the transaction as per the indenture terms.

This announcement follows Seplat Energy’s successful cash repurchase of its outstanding 7.750 percent senior notes due 2026, as previously reported.