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    ENQ   GB00B635TG28


Delayed Quote. Delayed London Stock Exchange - 07/27 11:35:03 am
22.4 GBX   -1.10%
11:07aENQUEST PLC : - Admission of New Shares
07/26ENQUEST PLC : - Results of Capital Raising and General Meeting
07/26ENQUEST : Admission of New Shares
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

EnQuest : signs new senior secured borrowing base debt facility for $750 million to enable refinancing and the Golden Eagle acquisition

06/11/2021 | 02:06am EDT
EnQuest signs new senior secured borrowing base debt facility for $750 million to enable refinancing and the Golden Eagle acquisition
11 Jun 2021

EnQuest PLC (together with its subsidiaries, 'EnQuest' or the 'Group'), an independent oil and gas production and development company listed on the London and Stockholm stock exchanges (ENQ.L and ENQ.ST), is pleased to announce it has signed a new senior secured borrowing base debt facility (the 'new facility') of approximately $600 million and an additional amount of $150 million for letters of credit for up to seven years. The new facility will enable the Group to simplify its existing capital structure and finance the acquisition of a 26.69% interest in the Golden Eagle assets.

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 BP vendor loan associated with the acquisition of the 75% interest in Magnus
  • Step 2: Financing the acquisition of the interest in the Golden Eagle Area Development.

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 June 2023.

Jonathan Swinney, EnQuest Chief Financial Officer, commented:

'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 EnQuest.

'I would like to thank our lead banks, BNP Paribas and DNB, together with all of the lenders, for their support and I look forward to working with them.'

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.


Notes to editors

The co-ordinating banks and initial mandated lead arrangers for the new facility were BNP Paribas and DNB (UK) Limited.

The new facility will be subject to six-monthly borrowing base amount redeterminations.

For further information please contact:

EnQuest PLC
Tel: +44 (0)20 7925 4900
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 is providing creative solutions through the energy transition. As an independent production and development company with operations in the UK North Sea and Malaysia, the Group's strategic vision is to be the operator of choice for maturing and underdeveloped hydrocarbon assets by focusing on operational excellence, differential capability, value enhancement and financial discipline.

EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm.

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.


EnQuest plc published this content on 11 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 June 2021 06:05:03 UTC.

ę Publicnow 2021
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Financials (USD)
Sales 2021 1 128 M - -
Net income 2021 186 M - -
Net Debt 2021 1 147 M - -
P/E ratio 2021 2,30x
Yield 2021 -
Capitalization 576 M 576 M -
EV / Sales 2021 1,53x
EV / Sales 2022 1,43x
Nbr of Employees 885
Free-Float 70,4%
Duration : Period :
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Income Statement Evolution
Mean consensus BUY
Number of Analysts 4
Last Close Price 0,31 $
Average target price 0,54 $
Spread / Average Target 72,4%
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Managers and Directors
Amjad Bseisu Chief Executive Officer & Executive Director
Jonathan Swinney Chief Financial Officer & Executive Director
Martin Joseph Houston Non-Executive Chairman
Philip Malcolm Holland Independent Non-Executive Director
Carl D. Hughes Independent Non-Executive Director
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