Seplat Energy Plc has announced plans to redeem its outstanding notes worth $3.2 million on April 1, 2025, in accordance with the company’s indenture agreement.

In a statement issued on Monday, the company’s Chief Financial Officer, Eleanor Adaralegbe, confirmed that the redemption applies to the entire outstanding principal amount of the notes, which were issued under the indenture dated April 1, 2021.

According to the notice, noteholders must retain their notes by March 31, 2025, to qualify for the redemption payment. The payment will cover the full principal amount and accrued interest. The redemption price is set at 100 per cent of the principal value, along with additional accrued and unpaid interest from October 1, 2024, up to but not including the redemption date.

Seplat Energy disclosed that the accrued interest for the applicable period amounts to $3,198,347.50, which is equivalent to $1,038.75 per $1,000 denomination of the notes.

“The redemption date for the notes will be April 1, 2025, while the record date for noteholders to be entitled to the redemption price is March 31, 2025, being the business day immediately prior to the redemption date,” the statement read.

The company advised noteholders to submit their notes to Citibank N.A., London Branch, the appointed paying agent, to facilitate the redemption process.

Seplat Energy further assured investors that interest on the notes will cease to accrue after the redemption date, except in cases where the company defaults on payment or if the paying agent is unable to process the transaction in line with the indenture terms.

The announcement follows Seplat Energy’s successful completion of a cash tender offer to repurchase its 7.750 per cent senior notes due in 2026. The company previously accepted $567 million in notes as part of its broader debt refinancing strategy.

Seplat Energy Plc, a leading indigenous energy company listed on both the Nigerian Exchange and London Stock Exchange, continues to make strategic moves to optimize its capital structure and enhance shareholder value.