Share Name Share Symbol Market Type Share ISIN Share Description
Premier Oil LSE:PMO London Ordinary Share GB00B43G0577 ORD 12.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 55.50p 55.50p 56.00p - - - 0 06:31:56
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 796.4 -316.3 19.4 3.0 283.51

Premier Oil PLC Refinancing update

09/03/2017 7:01am

UK Regulatory (RNS & others)

Premier Oil (LSE:PMO)
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6 Months : From Feb 2017 to Aug 2017

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RNS Number : 9339Y

Premier Oil PLC

09 March 2017

This announcement has been determined to contain inside information


("Premier" or "the Group")

Refinancing update

9 March 2017

Premier is pleased to announce that it has entered into lock up agreements with the requisite majority of each of the lenders to the RCF, FLS Term Loan and US Private Placement notes (in total 87% by value) to the terms of the proposed refinancing. The lock up agreements, which will become effective once the Schuldschein lock up process has completed, will commit the parties to vote in favour of the amended terms. Currently, nine of the ten holders of the Schuldschein loans have entered into lock up agreements while the remaining holder has recommended the proposed terms to its credit committee and its approval process is underway. Once this holder is locked up, the Schuldschein holders will also be committed to implement the refinancing.

As a result of the lock up processes, the Group will have the requisite level of support to commence the Scottish Court schemes of arrangement by which the amendments to the terms of the RCF, FLS Term Loan, US Private Placement notes and Retail Bonds will be implemented. The Court schemes will require a vote of more than 75% by value of the RCF, FLS Term Loan, US Private Placement notes and Retail Bonds present and voting. This is more than covered by the value that will be bound under the terms of the lock up agreements referred to above.

Following the announcement of the terms of the amendments to the Group's Convertible Bonds on 1 March, holders representing over 50% of the Convertible Bonds have now entered into lock up agreements. The significance of this level of support is that, once the Schuldschein lock up process has completed, all lock-up agreements will become effective and the participating Convertible Bondholders will be committed to vote in favour of the amended terms. In addition, a significant proportion of the remaining bondholders have been in contact with Moelis, adviser to the ad hoc committee of bondholders, and have indicated their support for the amendments, with a view to locking up in due course. Amendments to the Convertible Bonds will be subject to a Special Resolution (75% of those voting) at a General Meeting of the Convertible Bondholders which it is anticipated will be convened in the coming weeks.

Preparations for the Court processes are advanced, as are those in respect of the processes to amend the Schuldschein loan documentation, the Convertible Bond documentation and to obtain the necessary shareholder approvals. As previously indicated, completion of the refinancing is targeted by the end of May 2017.

Tony Durrant, CEO, commented

"Based on the support now received, we can look forward to completion of the refinancing. Documentation to shareholders and public bondholders will be issued in due course"

 Premier Oil plc         Tel: 020 7730 1111 
 Tony Durrant, Chief 
 Richard Rose, Finance 
 Bell Pottinger          Tel: 020 3772 2500 
 Lorna Cobbett 
 Henry Lerwill 

This information is provided by RNS

The company news service from the London Stock Exchange



(END) Dow Jones Newswires

March 09, 2017 02:01 ET (07:01 GMT)

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