EnQuest secures $800m reserve-based lending package

UK-based autarkic lipid and state institution EnQuest has signed caller elder secured reserve-based lending (RBL) facilities totalling $800m (£607.55m).

The six-year statement consists of a $400m secured revolving indebtedness installation and a $400m secured revolving missive of recognition facility.

It besides includes an accordion feature, allowing for imaginable enlargement of some the indebtedness and missive of recognition tranches by up to $400m each.

EnQuest intends to usage the caller bundle to refinance its existing $500m RBL facility, which includes a $75m missive of recognition sub-limit and was primitively acceptable to mature successful April 2027.

The caller statement replaces the erstwhile facility, extends EnQuest’s entree to committed backing and supports its liquidity position.

EnQuest main fiscal serviceman Jonathan Copus said: “I americium precise pleased to person agreed these caller facilities, which supply EnQuest with an enhanced superior operation that is simple, flexible and aligned with our maturation ambitions.

“I would similar to convey our caller lender syndicate for their support, and I look guardant to moving with them to present EnQuest’s strategy.”

EnQuest’s refinancing is supported by a syndicate of 8 planetary banks including some long-standing lenders and caller participants.

The caller facilities incorporated modular reserve-based lending presumption including hedging requirements and semi-annual borrowing basal redeterminations.

They besides see a springing maturity proviso linked to the company’s high-yield notes.

The archetypal involvement complaint connected the caller indebtedness installation is acceptable astatine the secured overnight financing complaint positive 4%.

According to EnQuest, the expanded missive of recognition tranche is designed to supply semipermanent sum for its decommissioning information obligations.

EnQuest operates arsenic an autarkic vigor shaper with assets successful the UK North Sea and South East Asia. It is listed connected the London Stock Exchange.

In July, EnQuest secured a accumulation sharing statement for Block C offshore Brunei Darussalam.

"EnQuest secures $800m reserve-based lending package" was primitively created and published by Offshore Technology, a GlobalData owned brand.

The accusation connected this tract has been included successful bully religion for wide informational purposes only. It is not intended to magnitude to proposal connected which you should rely, and we springiness nary representation, warranty oregon guarantee, whether explicit oregon implied arsenic to its accuracy oregon completeness. You indispensable get nonrecreational oregon specializer proposal earlier taking, oregon refraining from, immoderate enactment connected the ground of the contented connected our site.