The board of Seplat Petroleum Development Company Plc, on Monday, announced plans to redeem its $350m aggregate principal amount of 9¼% Senior Notes, April 1, 2021, two years ahead of the due date.

In a filing to the Nigerian Stock Exchange (NSE), by Emeka Onwuka, its Chief Financial Officer, Seplat said pursuant to the Notes and various Sections of the indenture dated March 21, 2018, it has elected to redeem the entire outstanding principal amount of the Notes outstanding, subject to the satisfaction or waiver of the condition precedent.

The Redemption Price is therefore, March 30, 2021, being the Business Day immediately prior to the Redemption Date, at 102.3125% of the principal amount of the

notes to be redeemed. This is plus accrued and unpaid interest from October 1, 2020 (the last Interest Payment Date for which interest on such Notes was paid) to (but not including) the Redemption Date, and Additional Amounts, if any.

“Assuming a Redemption Date of April 1, 2021, the Issuer will have paid prior to the Redemption Date, the accrued and unpaid interest from October 1, 2020, to, but excluding, the Redemption Date, which will be $16,187,500 ($1,069.38 per $1,000 denomination),”  the company added.

The notes are to be surrendered to Citibank N.A., London Branch as Paying Agent, at Citigroup Centre, Canada Square, UK, adding that “unless the Issuer defaults in making the redemption payment in the amount of the Redemption Price or the Paying Agent is prohibited from making such payment pursuant to the terms of the Indenture, interest and Additional Amounts, if any, on the Notes (or portion thereof) called for redemption shall cease to accrue on and after the Redemption Date.”