International law firm Milbank, Tweed, Hadley & McCloy represented Citigroup, Bank of America Merrill Lynch and Credit Suisse as joint bookrunners and dealer managers in connection with an offering of US$360 million of senior secured notes by Afren Plc, a leading African oil and gas company and related tender offers. The company is headquartered in London, and has a portfolio of assets located in several of the world’s most prolific and fast-emerging hydrocarbon basins in Africa and the Middle East.
Afren Plc closed its offering of US$360 million of senior secured notes on 10 December, 2013 on which Milbank, Tweed, Hadley & McCloy 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 Limited.
The proceeds of the debt offering were partly used to finance tender offers for US$246,561,000 in aggregate principal amount of Afren’s 11½% Senior Secured Notes due 2016 and US$50,000,000 million in aggregate principal amount of Afren’s 10¼% 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 Christopher Akinrele and tax partner Andrew Walker and associate Lysondra Ludwig.
