EnQuest PLC Bond PIK Announcement (3512N)
29 January 2021 - 8:12PM
UK Regulatory
TIDMENQ
RNS Number : 3512N
EnQuest PLC
29 January 2021
THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF
NOTEHOLDERS (AS DEFINED BELOW). IF NOTEHOLDERS ARE IN ANY DOUBT AS
TO THE ACTION THEY SHOULD TAKE, THEY SHOULD SEEK THEIR OWN
FINANCIAL AND LEGAL ADVICE IMMEDIATELY FROM THEIR STOCKBROKER,
SOLICITOR, ACCOUNTANT OR OTHER INDEPENDENT FINANCIAL OR LEGAL
ADVISER.
29 January 2021
ENQUEST PLC
(the "Company")
Notice to holders ("Noteholders") of the Company's
GBP184,091,376 7 per cent. Extendable PIK Toggle Notes due
2023
(ISIN: XS0880578728, Common Code: 088057872)
(the "Notes")
Pursuant to Condition 5A(b) of the terms and conditions of the
Notes (the "Conditions"), notice is hereby given that the Cash
Payment Condition in respect of the Interest Payment Date falling
on 15 February 2021 has not been satisfied and interest due on the
Notes will not be paid in cash. The Interest Payment Date falling
on 15 February 2021 will be a PIK Interest Payment Date for the
purposes of the Conditions.
As a result of the Cash Payment Condition not being satisfied in
respect of the Interest Payment Date falling on 15 February 2021,
accrued interest on the Notes from (and including) 15 February 2021
will be capitalised and satisfied through the issue of Additional
Notes in an aggregate principal amount of GBP6,443,198 (subject to
rounding in accordance with the Conditions). The Additional Notes
will be issued by the Company on 15 February 2021 and, upon
listing, will be consolidated and form a single series with the
existing Notes in issue. The aggregate outstanding principal amount
of the Notes, as increased by the issue of the Additional Notes,
will be GBP190,534,574 (subject to rounding in accordance with the
Conditions).
The "record date" for determining the entitlement of the
individual Noteholders will be the close of business on 12 February
2021 (being the business day (i.e. Monday to Friday inclusive
except 25 December and 1 January) immediately prior to the PIK
Interest Payment Date).
Admission of the Additional Notes to the Official List of the
Financial Conduct Authority and to trading
on the London Stock Exchange's electronic order book for retail
bonds is expected to take place as soon as practicable after the
issue of the Additional Notes on 15 February 2021.
Words and expressions defined in the Conditions shall have the
same meaning when used in this notice.
For further information, please visit the Company's Retail Bond
page on its Investor Relations website at www.enquest.com/investors
or contact:
Investor Relations
EnQuest PLC
Fifth Floor, Cunard House
15 Regent Street
London SW1Y 4LR
United Kingdom
Tel: 0207 925 4900
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END
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