Vivo Energy Investments has announced an offering of $350-million senior notes, with a maturity of either five or seven years, guaranteed on a senior unsecured basis by Vivo Energy and Vivo Energy Holding.
Vivo Energy Investments is a subsidiary of Vivo Energy and is a distributor and retailer of Shell- and Engen-branded fuels and lubricants in Africa.
The gross proceeds of the offering will be used to repay all amounts outstanding under the amortising term facility and incremental term facility, as well as to pay related fees and expenses, as well as for general corporate purposes.
As part of the proposed offering, management will conduct a virtual investor roadshow, during which no new material information will be provided.
Vivo Energy also confirmed on 10 September that the recovery in trading experienced in June has continued into the third quarter of the year.