Petroleum Africa
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Thursday, December 19, 2013
Afren plc closed its offering of $360 million of senior secured notes on December 10 on which Milbank, Tweed, Hadley & McCloy, an international law firm, represented Citigroup, Bank of America Merrill Lynch, and Credit Suisse as joint bookrunners. The new notes issued under the debt offering are senior secured obligations of Afren plc and are guaranteed on a senior basis by certain subsidiaries of Afren plc and on a senior subordinated basis by Afren Resources Ltd.
The proceeds of the debt offering were partly used to finance tender offers for $246,561,000 in aggregate principal amount of Afren’s 11.5% Senior Secured Notes due 2016 and $50,000,000 million in aggregate principal amount of Afren’s 10.25% Senior Secured Notes due 2019, on which Milbank, Tweed, Hadley & McCloy represented Citigroup, Bank of America, Merrill Lynch and Credit Suisse as dealer managers.
The Milbank Securities team was led by partner Peter Schwartz and included associates Christianne Williams, Noel Hughes and Albert Aharonian. Also providing advice on various points in the transaction were: Global Leveraged Finance European Of Counsel Patrick Holmes and associate Chris Akinrele and Tax partner Andrew Walker and associate Lysondra Ludwig.
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