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
  -0.25p -0.43% 57.75p 56.25p 56.75p 58.00p 56.25p 57.50p 5,468,921 16:35:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 796.4 -316.3 19.4 3.1 295.00

Premier Oil PLC Refinancing update

25/04/2017 7:00am

UK Regulatory (RNS & others)

Premier Oil (LSE:PMO)
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3 Months : From Apr 2017 to Jul 2017

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RNS Number : 1877D

Premier Oil PLC

25 April 2017

This announcement has been determined to contain inside information



Refinancing update

25 April 2017

Premier today announces that holders representing more than 75% by value of its $245m convertible bonds have now entered into the lock up agreement committing them to vote in favour of the proposed refinancing on the terms of that lock up agreement. This is a sufficient majority to pass the required resolution to implement the amended terms of the convertible bonds.

As previously notified, the amendments to the terms of the RCF, term loan, USPP and retail bonds (the Scheme Creditors) are proposed to be effected through a Scottish scheme of arrangement of each of Premier and Premier Oil UK Limited (the Schemes). The Schemes are a company led process overseen by the Scottish Court designed to enable companies to implement changes to their financing structure and documentation where the diversity of creditor groups means it may not otherwise be practical to do so. The documentation required to commence the Schemes is significantly advanced and Premier expects to launch the processes shortly. The Schemes require the approval of the majority in number and 75% in value of Scheme Creditors present and voting prior to final sanction by the Scottish Court. As previously announced, the requisite majority by value of the Scheme Creditors has already been achieved via lock up agreements, committing the locked up parties to vote in favour of the amended terms on the terms of the relevant lock up agreements.

Documentation required for the shareholder approval process and to implement the proposed amendments to the terms of the Schuldschein notes (which all Schuldschein holders are already committed to approve on the terms of their lock up agreement) is also significantly advanced. These processes will be launched in parallel with the Schemes and the convertible bondholder amendment process.

 Premier Oil plc         Tel: 020 7730 1111 
 Tony Durrant, Chief 
 Richard Rose, Finance 
 Bell Pottinger          Tel: 020 3772 2570 
 Lorna Cobbett 
 Henry Lerwill 

This information is provided by RNS

The company news service from the London Stock Exchange



(END) Dow Jones Newswires

April 25, 2017 02:00 ET (06:00 GMT)

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