Afren Raises $450M Via Debt Issue

Afren has raised $450 million in a sale of senior secured notes in the 144a privateplacement market, Reuters reports. The company plans to use the net proceeds of the offering to repay certain indebtedness and for general corporate purposes, adds RTT News.

The London-based oil and natural gas exploration and production company appointed BNP Paribas, Goldman Sachs and Deutsche Bank as the joint bookrunning managers for the transaction. The notes carry a coupon rate of 11.5% and are due to mature on Feb. 1, 2016.

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