(Adds details from sources, background)
Sept 15 (Reuters) - Premier Oil Plc said on Tuesday
it was in talks with private-equity backed oil producer Chrysaor
and several other parties on alternative deals to secure
long-term debt refinancing.
Premier announced on Aug. 20 that it was seeking a total of
$530 million in fresh equity, of which existing creditors said
they would underwrite $205 million in a potential
debt-for-equity swap.
The company, whose market capitalisation stood at around 162
million pounds ($209 million) on Tuesday and which has net debt
of just under $2 billion, needs at least $325 million in new
equity for its creditors to extend current maturities.
"(Premier) 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," it said.
"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 20 August 2020."
Preceding the Aug. 20 announcement, sources close to the
discussions said Premier Oil and its bond holders had sought in
separate attempts to find a new cornerstone investor or prepaid
sales deal, but sealed no agreement.
Premier declined to comment beyond its statement.
(Reporting by Tanishaa Nadkar in Bengaluru, Clara Denina, Ron
Bousso, Shadia Nasralla in London; Editing by Ramakrishnan M.
and Jan Harvey)
