Premier Oil: No Senior Lenders Have Exited or Plan to Exit Loan Positions
November 08 2016 - 8:49AM
Dow Jones News
By Ian Walker
LONDON--Premier Oil PLC (PMO.LN) said Tuesday that neither
Lloyds Bank or any of its senior lenders have exited, or plan to
exit their loan positions at this time.
The FTSE-250 listed independent exploration and production
company added talks with various lending groups over its planned
refinancing "continue to progress towards a near-term agreement of
all parties." It added that the company had cash and undrawn
facilities of about $800 million at June 30 and continues to have
access to undrawn headroom under its main facility, with the
agreement of its banks.
Premier was responding to recent press speculation and the fall
in its share price. Reuters reported Monday that more lenders are
selling out of the company's syndicated loans, as Premier struggles
to complete a refinancing program.
Its shares are currently down 5.25 pence, or 8.9%, at 53.75
pence. They have fallen 13% over the past two days from Friday's
close of 61.5 pence.
The company said it will provide a further update on Nov. 17
with its scheduled trading update.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
November 08, 2016 08:34 ET (13:34 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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