Templars Advises Seplat on Nigeria’s Largest Oil and Gas Bond Offering
Templars, a leading Nigerian law firm, has provided legal counsel to Seplat Petroleum Development Company Plc on its record-breaking $650 million bond issuance. The offering, comprising guaranteed senior notes, marks the largest oil and gas bond issuance by a Nigerian company in the international capital markets.
Seplat, listed on both the Nigerian Exchange and the London Stock Exchange, achieved a significant milestone with this transaction. The 7.75% senior notes, due in 2026, represent an improvement in pricing compared to Seplat’s debut issuance of $350 million 9.25% senior notes due in 2023.
Proceeds from the new bond will be utilized to redeem the outstanding 2018 notes, repay $250 million in bank debt, and fund general corporate purposes.
The Templars team advising Seplat was led by Chike Obianwu, Partner and Head of the firm’s Finance Practice, supported by Associates Nneoma Obijiaku, Ijeamaka Kawekwune, Okabonye Chukwuani, and Anwuri Akolokwu.
Templars is highly regarded for its expertise in high-yield and Eurobond issuances from Nigeria. The Seplat offering is the latest in a series of notable transactions the firm has advised on, including Ecobank Nigeria’s $300 million notes due in 2026, the first non-sovereign Eurobond issuance from an African issuer in 2021, and First Bank of Nigeria’s $350 million notes due in 2025, the first Eurobond issue by an African bank in 2020.
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Chike Obianwu noted the significance of the bond’s success, stating: “The success of the Seplat bond offering is testament to the confidence of the international investor community in the management of Seplat and in the Nigerian economy, in spite of all prevailing challenges. We congratulate the Seplat team on the successful outing and are very pleased to have once again been a part of the company’s success story.”
Seplat’s bond issuance underscores its leadership in Nigeria’s energy sector and highlights investor confidence in its operations and the broader Nigerian market.
