Capital Markets Day - precursor to refinancing debt?19 Oct 2019 19:55
We have the Capital Markets Day in November where management will be highlighting the ongoing business momentum namely; increased production and debt reduction.
I believe they will also take the opportunity to refinance the debt going forward. I would imagine this would obviously be in better terms than the existing finance. I think this will be the case based on the Q&A from the half year results:
James Thompson, JP Morgan Chase & Co, Research Division - Analyst
... And how does that factor into how you're thinking about the bank facilities at this point in time? Are you looking to pay back the final $440 million? Or are you trying to refinance that stub at some point next year?
Jonathan Swinney, EnQuest PLC - CFO & Executive Director
think in terms of your next question on capital around refinancing, I mean, clearly, at the moment, our focus has been repaying debt, and we've been doing that consistently and successfully. We will continue to do that. Obviously, we will look at potentially refinancing in due course as we go. I think that will be always incumbent upon us to be able to do that. But at the moment, we can certainly use the current lending facility and just repay that on the current schedule. And as you've seen, we've actually been doing it ahead schedule, which just certainly meant that the -- from a banking perspective, certainly the lenders have been extremely happy with our performance around that.
So we will continue to look at that, obviously, in terms of -- if we look at the cost of that and the size of the debt that you could be able to refinance, I mean, on an ongoing basis, we will do that. And if it makes sense for us then clearly, it's something that we could execute in due course.
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