Africa-focused Vivo Energy plans to price $400 million of notes

By Rebecca Melvin

New York, May 30 – Vivo Energy Investments BV, a subsidiary of Vivo Energy plc, plans to price $400 million of senior notes due 2023 or 2025 (expected ratings: BB+/BB+), according to market sources.

The five-year notes will be non-callable for two years, and the seven-year notes will be non-callable for three years.

JPMorgan and Societe Generale are bookrunners for the Rule 144A and Regulation S deal.

The gross proceeds, together with borrowings under a revolving credit facility and cash on hand, are earmarked to repay term facilities, to pay expenses related to the initial public offering of Vivo Energy plc and the notes offering, and to finance the expected cash consideration of the proposed acquisition of Engen International Holdings (Mauritius) Ltd.

Vivo Energy is a Shell licensee, operating 1,800 service stations in 15 countries.

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