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Premier Oil In Talks With Chrysaor And Others Over Debt Refinancing

Tue, 15th Sep 2020 16:00

(Alliance News) - Premier Oil PLC on Tuesday confirmed it is in talks with North Sea oil and gas producer Chrysaor Holdings Ltd and other parties as it looks to secure long-term debt refinancing.

Premier, noting earlier media reports, said there can be no agreement that an agreement can be made during the discussions.

Back in August, announced that it had agreed heads of terms for a long-term refinancing of over 45% of its debt facilities.

The company planned to raise a further USD300 million in equity, in addition to the USD230 million it already announced to fund the proposed acquisitions of certain BP PLC assets. Premier Oil plans to acquire BP's interests in the Andrew area and the Shearwater field in the North Sea.

Premier Oil's debt refinancing is conditional on at least a USD325 million take-up of the equity raise.

The company said on Tuesday: "Premier notes this afternoon's press speculation and confirms that it has been in discussions with a number of third parties, including Chrysaor, regarding alternative forms of transactions to secure the long term refinancing of the Group's debt facilities. To date, terms of the transactions discussed do not, in Premier's opinion, provide better outcomes for either its shareholders or creditors than those proposed under the heads of terms announced on August 20, 2020.

"Discussions on such transactions continue to be explored, in the best interests of all of Premier's stakeholders, but there can be no certainty that these discussions will reach agreement."

Premier Oil shares were 8.0% higher at 19.00 pence each in London on Tuesday afternoon.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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