Drawdown of the new facility is in two steps:
§ Step 1: Refinancing existing debt; this allows the Group to repay in full its existing senior financing agreement, the Sculptor capital facility and the outstanding |
§ Step 2: Financing the acquisition of the interest in the |
Upon refinancing of the Group's existing high yield bonds, the maturity of the new facility is extended to the earlier of seven years from its signing date, or the point at which the remaining economic reserves for all borrowing base assets are projected to fall below 25% of the initial economic reserves forecast.
In the event the maturity of the new facility is not extended, the amounts drawn down under steps 1 and 2 amortise such that they are fully repaid by
"I am delighted to have agreed this new facility. It enables the refinancing and simplification of our existing capital structure and the acquisition of the Golden Eagle assets which will add material value, production and reserves to
"I would like to thank our lead banks,
Further details on the new facility will be included in the forthcoming prospectus associated with the Group's proposed acquisition of the Golden Eagle assets.
Ends
Notes to editors
The co-ordinating banks and initial mandated lead arrangers for the new facility were
The new facility will be subject to six-monthly borrowing base amount redeterminations.
For further information please contact:
Amjad Bseisu (Chief Executive)
Jonathan Swinney (Chief Financial Officer)
Ian Wood (Head of Communications and Investor Relations)
Jonathan Edwards (Senior Investor Relations and Communications Manager)
Tulchan Communications Tel: +44 (0)20 7353 4200
Martin Robinson
Martin Pengelley
ENQUEST
EnQuest is providing creative solutions through the energy transition. As an independent production and development company with operations in the
Please visit our website www.enquest.com for more information on our global operations.
Forward-looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectations and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance.
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