EM-focused Afren talks $360 million seven-year notes at 6¾% area

By Christine Van Dusen

Atlanta, Nov. 26 - London-based and emerging markets-focused Afren plc set talk in the 6¾% area for its $360 million offering of seven-year notes (/B+/B+), a market source said.

Global coordinator Citigroup is a joint lead manager and joint bookrunner for the Rule 144A and Regulation S for life offering. BofA Merrill Lynch and Credit Suisse are also joint lead managers and joint bookrunners.

The notes come with three years of call protection.

The proceeds will be used to fund the tender for the company's notes maturing in 2016 and 2019. A clause in the credit agreement allows for the security on the notes to fall away upon full repayment of the 2016 and 2019 notes.

The London-based oil and gas exploration, development and production company has operations in Africa and the Middle East.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.