London-based Afren intends to issue senior secured notes

By Paul A. Harris

St. Louis, Nov. 29 - London-based Afren plc announced in a Monday press release that it intends to privately place new senior secured notes, subject to market conditions.

The notes will be senior secured obligations of Afren plc and will be guaranteed on a senior basis by certain subsidiaries of Afren and on a senior subordinated basis by Afren Resources Ltd.

The independent oil and gas exploration and production company plans to use proceeds of the offering to repay debt and for general corporate purposes.

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