Premier Oil PLC Lender Discussions Update (8772C)
July 01 2016 - 02:00AM
UK Regulatory
TIDMPMO
RNS Number : 8772C
Premier Oil PLC
01 July 2016
PREMIER OIL PLC
("Premier" or "the Company")
Lender discussions update
01 July 2016
As previously announced, Premier is in discussions with its
lending group on the terms of its existing financial facilities.
These are progressing well.
The lending group has agreed that the test of Premier's
financial covenants at 30 June 2016 will be waived and replaced by
a test for the 12 month period ending 31 July 2016. This deferral
allows further time to agree amendments to Premier's medium term
covenant profile and the resetting of its debt maturities. In
return for the proposed amendments, it is anticipated that
additional security will be provided for existing debt holders.
Premier expects negotiations to conclude during Q3 2016. Further
deferral of the covenant test date will be sought if required.
Premier continues to have access to undrawn funds within its
Revolving Credit Facility (RCF) to allow the company to meet its
ongoing funding requirements.
Enquiries
Premier Oil plc Tel: 020 7730 1111
Tony Durrant, Chief
Executive
Richard Rose, Finance
Director
Bell Pottinger Tel: 020 3772 2570
Gavin Davis
Henry Lerwill
This information is provided by RNS
The company news service from the London Stock Exchange
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