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Premier Oil secures ‘lock ins’ from majority of convertible bondholders, refinancing process continues

The company has previously guided, in investor presentations, that the refinancing process is due to conclude by the end of May.

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More than 75% of convertible bondholders have agreed terms

Premier Oil PLC (LON:PMO) has told investors that it has now secured ‘lock in’ arrangements with more than three quarters of holders of its US$345mln convertible bonds.

It means the company has the agreement of a sufficient majority to pass the resolution needed to implement new bond terms, as proposed as part of its broader financial restructuring.

Premier added that the documentation required to implement the various elements of the restructuring is now significantly advanced, and the process to conclude the process is ongoing.

The company has previously guided, in investor presentations, that the refinancing process is due to conclude by the end of May.

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Price: 18.5 GBX

LSE:PMO
Market: LSE
Market Cap: £155.37 m
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