Premier Oil PLC Refinancing update (1877D)
25 April 2017 - 4:00PM
UK Regulatory
TIDMPMO
RNS Number : 1877D
Premier Oil PLC
25 April 2017
This announcement has been determined to contain inside
information
PREMIER OIL PLC
("Premier")
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.
Enquiries
Premier Oil plc Tel: 020 7730 1111
Tony Durrant, Chief
Executive
Richard Rose, Finance
Director
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
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