1st Feb 2017 07:47
LONDON (Alliance News) - Premier Oil PLC on Wednesday said it expects to publish the long-awaited commercial terms related to its refinancing efforts "within the next few days" after securing another monthly deferral concerning its financial covenant tests.
Premier Oil has been in talks with lenders about refinancing its debt since last year. Net debt remained broadly flat in the final part of 2016 to end the year at USD2.80 billion, with available cash and credit of USD600 million.
Premier Oil had said earlier this month that commercial terms had largely been agreed but not yet finalised.
Chief Executive Tony Durrant has previously said the imminent completion of the refinancing, together with the improving commodity price environment, will enable Premier Oil to accelerate debt reduction and to progress future growth projects.
By Joshua Warner; [email protected]; @JoshAlliance
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