LONDON, Feb 22 (Reuters) - Creditors of North Sea focused
Premier Oil, which is merging with private equity owned
peer Chrysaor, elected to own 18% of the combined Harbour Energy
group, Premier said on Monday.
This is the maximum take-up by creditors, which, without
these shareholdings in the new company, would have got 61 cents
for each dollar owed or a maximum of 75 cents, if they elected
for extra cash instead of shares.
"The full number of creditor shares, equal to 18 per cent of
the Combined Group, are expected to be issued to senior
creditors at completion," Premier said in a statement following
a creditor vote on the merger.
"The remaining shares in the Combined Group are expected to
be held at completion in the following proportions: 77% by
Harbour North Sea, its concert parties and other Chrysaor
shareholders and 5% by Premier shareholders."
Chrysaor's main shareholders are private equity firm Harbour
and Singapore's sovereign wealth fund GIC.
(Reporting by Shadia Nasralla; editing Emelia Sithole-Matarise)
