Afren Bank $211.6 million 15% bond issue

Overview:

• Afren Bank has undertaken a $211.6 million senior secured notes issue
• The 15% notes are due 2016.
• The transaction involved a restructuring of Afren's previous notes issuance, namely: $450 million 11.5% senior secured notes due 2016; $300 million 10.25% senior secured notes due 2019 and $360 million 5.625% senior secured notes due 2020.
• The proceeds from the issue will provide initial liquidity to Afren and give it time to implement the required steps towards the completion of a recapitalisation transaction, which has been agreed between the bondholders and a majority of Afren's lenders under its existing $300 million Ebok credit facility.

Wai Yee Tsang - Journalist