Afren sets 12% guidance on dollar-denominated five-year secured notes

By Paul A. Harris

Portland, Ore., Jan. 26 - London-based Afren plc gave guidance of 12% on its dollar-denominated offering of non-callable senior secured notes (/B-/B) on Wednesday, according to market sources.

The deal is set to price during the present week.

BNP Paribas, Deutsche Bank Securities and Goldman Sachs & Co. are the joint bookrunners for the Rule 144A and Regulation S offering. Global Hunter Securities is the co-manager.

The notes will be senior secured obligations of Afren plc and will be guaranteed on a senior basis by Afren Nigeria, Afren Nigeria Holdings (Nigeria) Ltd., Afren CI (UK) Ltd., Afren CI (II) Ltd., Afren Cote D'Ivoire, Lion G.PL SA, AERL and Afren Okoro.

The notes will be guaranteed on a senior subordinated basis by Afren Resources Ltd.

The independent oil and gas exploration and production company plans to use the proceeds of the offering to repay debt and for general corporate purposes.

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