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Premier Oil is getting closer to completing pivotal refinancing

"Based on the support now received, we can look forward to completion of the refinancing,” said Tony Durrant, Premier Oil chief executive.

Premier Oil offshore platform
Premier wants to complete the deals by the end of May

Premier Oil PLC (LON:PMO) has revealed it is now closing in on the completion of its financial restructuring.

"Based on the support now received, we can look forward to completion of the refinancing,” said Tony Durrant, Premier Oil chief executive.

The company told investors that it has now entered into lock-up agreements with a requisite majority of lenders for a variety of its debt securities – the RCF, FLS Term Loan and US Private Placement - and those lock up agreements become effective once the process to lock up the Schuldschein loan is complete.

Nine of ten Schuldschein lenders have entered into lock up agreements, while the final one has recommended the proposal which is now in the process of being approved by its credit committee.

Once sealed, it means Premier will have sufficient support behind its proposed refinancing that it will commence a scheme of arrangement in the Scottish courts.

The company also noted that more than 50% of convertible bondholders have entered lock up arrangements, following a revision to terms earlier this month, and a ‘significant proportion’ of the other bondholders have indicated support for the amendments with a view to locking up in due course.

It is anticipated that Premier will convene a general meeting of convertible bondholders in the coming weeks.

Premier is targeting a completion of the refinancing by the end of May. 

Quick facts: Premier Oil PLC

Price: 17 GBX

LSE:PMO
Market: LSE
Market Cap: £144.04 m
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