13th Oct 2022 12:01
EnQuest PLC - oil and gas production in UK North Sea and Malaysia - Refinances its existing USD792.3 million senior notes due 2030. Prices new USD305.0 million of 11 5/8% senior notes due 2027 at an issue price of 98.6%, also agrees amended reserve-based lending facility of USD500.0 milllion, with a USD300.0 million accordion. Says this will position it well to continue to deliver its strategy. EnQuest plans to repay its existing USD792.3 million senior notes due 2023, funded by the proceeds of the new notes, USD400.0 million of drawings under its RBL facility and existing cash.
Also, Double A Ltd, a company beneficially owned by the extended family of Amjad Bseisu, has agreed to lend USD15.0 million.
Current stock price: 28.78 pence
12-month change: up 20%
By Sophie Rose; [email protected]
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