EnQuest PLC has successfully concluded the refinancing of its debt facilities, the company stated on Wednesday.
The petroleum exploration and production company said it secured US$500mln reserves-based-lending (RBL) facility with a US$300mln uncommitted accordion, maturing in April 2027.
According to a statement, it also completed its offering of US$305mln aggregate principal amount of 11.625% senior notes due November 2027.
Net proceeds from the issue of the notes, along with drawings of $400mln under the Group's RBL facility and cash on hand, have been used for the redemption of the $792.3mln aggregate principal amount of the Company's 7% senior notes due 2023.
EnQuest said that it has reduced its gross debt compared to 30 June, while extending its debt maturity profile.
"The refinancing is an important milestone for EnQuest, extending our maturities whilst allowing us to continue with our goal of rapid deleveraging,” said chief executive Amjad Bseisu.
“It also provides us the runway to deliver on our strategy of optimising our upstream production to support energy security as well as leveraging our existing infrastructure for future opportunities."