Afren Upsizes Bond Issue

Afren plc said that it has upsized its previously announced private placement by US$25 million to US$75 million equivalent in British Pounds of convertible senior unsecured bonds due 2011.

On July 4, 2006, Afren announced the closing of a private placement of US$50 million equivalent in British Pounds of bonds. Proceeds from the private placement are slated to fund the exploration, development, and production program of the company’s 10-asset portfolio in Nigeria, São Tomé and Príncipe, Gabon, and Congo.

The entire US$25 million upsizing of the bond issue has been placed with a private investment fund of the Heerema Group, a Dutch-based market leader in global oilfield services, focused on the design, fabrication, transportation, and installation of offshore facilities. The Heerema Group has an expanding presence in, and commitment to, West African offshore activities and this investment reflects its support for developing indigenous African energy companies. The additional bonds have been issued under identical terms to those previously announced.

“The upsizing of the issue highlights investor support for Afren and its plans to create shareholder value through rapid expansion in the Gulf of Guinea region,” said Brian O’Cathain, Afren’s chief executive. “We are particularly pleased that the Heerema Group has chosen to become a significant Afren stakeholder, which offers strategic benefit for the company.”


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Lead Applications Analyst/Developer
Expertise: Budget / Cost Control
Location: Houston, TX
Strategy & Performance Director Job
Expertise: Budget / Cost Control|Business Analyst|Business Development
Location: Denver, CO
Associate Sourcing Specialist or Sourcing Project Specialist Job
Expertise: Project Controls|Project Management|Supply Chain Management
Location: Denver, CO
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours