18th Nov 2013 13:17
LONDON (Alliance News) - Afren PLC Monday said it is proposing to pursue an offering of senior secured notes in order to buy up past senior secured notes, as well as to pay fees and expenses incurred in connection with the offering of the notes and for other general corporate uses.
The Africa-focused oil and gas company said it wants to use the proceeds to purchase all of its outstanding senior secured notes due in 2016, as well as up to USD100 million of its outstanding senior secured notes due 2019.
Afren will also pay fees and expenses incurred in connection with the offering of the notes and concurrent tender offers, with the remainder earmarked for other general corporate purposes.
On Thursday last week, Afren made a tender offer for all its USD500 million senior secured notes due 2016 and up to USD100 million of its outstanding USD300 million senior secured notes due 2019.
Afren shares were Monday quoted at 148.42 pence, down 0.5%.
By Samuel Agini; [email protected]; @samuelagini
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