Jan 7, 2020
Premier Oil creditor vows to fight refinancing plan
Premier Oil is facing a showdown with a hedge fund that is its biggest creditor over a proposed $2.9bn refinancing and an $871m acquisitions spree in the UK North Sea. At the same time Premier published refinancing proposals that would give it a further two and a half years of breathing space, to November 2023, on all its credit facilities and also relax some of the stringent conditions attached to its loans that were imposed after a previous refinancing in 2017. Premier said last year that it would sell its stake of about 15 per cent in a big oil discovery in waters off Mexico but a deal is yet to be struck. For its refinancing to succeed, Premier would need 75 per cent of lenders that participate in a vote to approve its proposals. The assets Premier is buying include stakes in the Andrew area group of fields from BP, which produce about 18,000 barrels of oil equivalent a day, as well as the energy major's 27.5 per cent interest in Shearwater, a gasfield in the central North Sea operated by Royal Dutch Shell.
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