EnQuest PLC Successful refinancing of capital structure (0983E)
26 Octubre 2022 - 1:00AM
UK Regulatory
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RNS Number : 0983E
EnQuest PLC
26 October 2022
EnQuest PLC, 26 October 2022
Successful refinancing of capital structure
Further to the announcement on 13 October 2022, EnQuest PLC
('EnQuest' or the 'Company' or the 'Group') is pleased to announce
it has successfully concluded the refinancing of its debt
facilities. The Company has secured a $500.0 million reserves based
lending (the "RBL") facility with a $300.0 million uncommitted
accordion, maturing in April 2027, and has also completed its
offering of $305.0 million aggregate principal amount of 11.625%
senior notes (the "Notes") due November 2027.
The net proceeds from the issue of the Notes, along with
drawings of $400.0 million under the Group's RBL facility and cash
on hand, have been used for the redemption of the $792.3 million
aggregate principal amount of the Company's 7% senior notes due
2023.
Through this exercise, EnQuest has further reduced its gross
debt compared to 30 June 2022, while materially extending its debt
maturity profile. The Group has also reduced its net debt position
as at 30 September 2022 to $750.0 million, representing a net debt
to EBITDA ratio of 0.8x, demonstrating consistent reduction towards
the Group's stated target of 0.5x net debt to EBITDA.
Commenting on this refinancing, Amjad Bseisu, Chief Executive
Officer, said:
"The refinancing is an important milestone for Enquest,
extending our maturities whilst allowing us to continue with our
goal of rapid deleveraging. It also provides us the runway to
deliver on our strategy of optimising our upstream production to
support energy security as well as leveraging our existing
infrastructure for future opportunities."
EnQuest's Chief Financial officer, Salman Malik, said:
"We are delighted to have executed this comprehensive
refinancing, which includes the successful bond issue, increased
RBL and an upgrade to our credit rating from Moody's. We are
pleased to welcome our new bondholders as key stakeholders for the
Group and thank them and our existing lenders for their enhanced
support."
- Ends -
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END
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October 26, 2022 02:00 ET (06:00 GMT)
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