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Oil & gas

02 February 2011

Afren prices high-yield refinancing African oil and gas independent Afren has priced a $450 million senior secured bond refinancing. The lead managers of the bonds, due 2016 and with an 11.5% coupon, are BNP Paribas, Deutsche and Goldman Sachs. The bond proceeds are likely to be used to refinance existing debt and for general corporate purposes. The new bonds are set to close on 3 February. The bond issue is the same size as the $450 million borrowing base that Afren closed on its Ebok assets in Nigeria in May 2010. The lead arrangers of that five year loan, priced at 450-550bp over Libor, were BNP Paribas, Credit Agricole and Natixis. Afren has drawn down $107 million of that facility, and reported net corporate debt at the end of 2010 of $142 million. Buckeye prices BORCO acquisition notes Buckeye Partners has priced $650 million in senior unsecured notes to partially fin­ance its acquisition of...

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