EnQuest PLC Term loan facility agreement (5115K)
25 Agosto 2023 - 8:09AM
UK Regulatory
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RNS Number : 5115K
EnQuest PLC
25 August 2023
EnQuest PLC, 25 August 2023
Agreement of term loan facility
EnQuest PLC ('EnQuest' or the 'Group') is pleased to announce it
has agreed a term loan facility (the 'loan') of up to $150 million,
maturing in July 2027, which will rank junior to the Group's
existing $500 million reserve based lending facility (the 'RBL') as
a secured second lien instrument within the capital structure. As
at 31 July 2023, only $240 million of the RBL facility was drawn
against an original commitment of $500 million.
The loan proceeds will be used for general corporate purposes
and are expected to provide an additional source of liquidity in
advance of the October settlement of the 7% GBP retail bond.
EnQuest expects to satisfy all conditions and complete the loan
within 30 days from signing. EnQuest was advised by Rothschild
& Co and Ashurst.
Within the loan, Double A Limited, a company beneficially owned
by the extended family of Amjad Bseisu, has agreed to lend $9
million on the same terms and conditions as all other lending
parties. This is considered a smaller related party transaction
under Listing Rule 11.1.10. EnQuest has obtained written
confirmation from a sponsor that, given the aforementioned terms
and conditions, Double A's participation in the loan is fair and
reasonable as far as EnQuest's shareholders are concerned.
Commenting on this agreement, EnQuest's Chief Financial officer,
Salman Malik, said:
"We continue to de-lever our balance sheet and optimise our
capital structure in response to the impact of the Energy Profits
Levy on available borrowing capacity under the RBL. We are pleased
to have secured this source of financing to extend our debt
maturities and build optionality within the balance sheet as we
look to support accretive growth opportunities. We thank our
lending syndicate for their enhanced support."
- Ends -
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END
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August 25, 2023 09:09 ET (13:09 GMT)
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