Premier Oil PLC Completion of the refinancing (4677M)
28 July 2017 - 11:17PM
UK Regulatory
TIDMPMO
RNS Number : 4677M
Premier Oil PLC
28 July 2017
PREMIER OIL PLC
("Premier" or "the Group")
Completion of the refinancing
28 July 2017
Premier is pleased to announce that the refinancing of the Group
announced on 3 February 2017 has now become effective.
Completion of the refinancing provides a solid foundation for
Premier to deliver its strategic plans by preserving the Group's
debt facilities, resetting financial covenant headroom and
extending maturities to 2021 and beyond. The revised financing
structure allows both for debt reduction utilising the Group's cash
flows generated from its low cost stable production base, and
future growth via selective investment in unsanctioned projects, at
appropriate equity levels and with due regard to the commodity
price environment.
In connection with the refinancing, Premier has today issued
71,012,952 equity warrants and 21,375,852 synthetic warrants to its
Private Lenders and Retail Bondholders and 18,097,019 equity
warrants to its Convertible Bondholders. The equity warrants have
an exercise price of 42.75 pence and are exercisable from their
issuance until 31 May 2022. Using last night's closing share price
of 61.75 pence per share, and by way of illustration, if the
lenders were to exercise the warrants on a cashless basis net of
the warrant price of 42.75 pence, then approximately 27.4 million
new shares would be issued over the period to 31 May 2022,
representing approximately 5.1 per cent of the enlarged share
capital. Details of the synthetic warrants can be found in the
circular sent to shareholders on 30 May 2017, which is also
available on the Company's website.
Tony Durrant, CEO, commented
"The completion of the refinancing process represents a
significant milestone for Premier. We are grateful for the level of
support received from our lenders during this process which has put
Premier on a strong footing to deliver value for all of our
stakeholders in the medium term. "
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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