Premier Oil PLC Notice to Premier's Retail Bondholders (8087M)
January 25 2021 - 10:01AM
UK Regulatory
TIDMPMO
RNS Number : 8087M
Premier Oil PLC
25 January 2021
Premier Oil plc
("Premier" or the "Group")
Notice to holders of Premier's GBP150,000,000 6.5 per cent notes
due 2021 (the "Retail Bonds")
(ISIN: XS0997703250)
25 January 2021
Premier announces that the convening hearing was held earlier
today in connection with the restructuring plans (the
"Restructuring Plans") required to implement the proposed all share
merger between Premier and Chrysaor Holdings Limited and the
reorganisation of Premier's existing debt and cross currency swaps
including the Retail Bonds (the "Transaction"). At the hearing the
Court granted Premier's request to start the Restructuring Plans
process and the Group will now convene the creditor meetings for
the Restructuring Plans, to be held on 22 February 2021, with the
Restructuring Plans sanction hearing expected to take place on 19
March.
The Restructuring Plans must be approved by 75 per cent in value
of creditors in each class attending and voting at those creditor
meetings. As with Premier's previous schemes of arrangement,
holders of the Retail Bonds (the "Retail Bondholders") will vote in
the same class as Premier's other senior creditors. Premier has
received the requisite level of creditor support for the
Transaction from each class of its creditors (including the class
of senior creditors), with those creditors entering into a binding
support letter. Under the support letter the creditors have, among
other things, irrevocably undertaken to vote in favour of the
Restructuring Plans at the creditor meetings.
As previously announced, on completion of the Transaction,
creditors, including the Retail Bondholders, will be entitled to
receive their proportionate share of the following in exchange for
the cancellation of their debt:
1. an upfront cash payment of US$1.23 billion (subject to
adjustments as described in the Explanatory Statement (as defined
below)); and
2. new ordinary shares in the Combined Group (the "Equity/Cash
Option") or, if they so elect, a share of a further cash payment
capped at approximately US$175 million (the "Cash-Out Option").
An explanatory note for Retail Bondholders (the "Retail
Bondholder Explanatory Note"), which provides Retail Bondholders
with, inter alia, further background to the Transaction and
information regarding the process and timing for voting on, and
making elections in connection with, the Restructuring Plans, is
being distributed. The Retail Bond Explanatory Note sets out a
number of worked examples (extracted from the Explanatory
Statement) to demonstrate, for illustrative purposes and based on
certain assumptions, what a Retail Bondholder with a Nominal Value
of GBP10,000 of Retail Bonds might receive depending on whether the
Retail Bondholder elects the Equity/Cash Option or the Cash-Out
Option.
This Retail Bondholder Explanatory Note is part of the
explanatory statement being provided to all creditors for the
purpose of providing creditors with sufficient information to make
an informed decision on whether or not to approve the Restructuring
Plans (the "Explanatory Statement"). In considering the
Restructuring Plans and whether to vote in favour of them, Retail
Bondholders should not rely only on the Retail Bondholder
Explanatory Note, which is intended solely to provide a summary
overview of the more detailed information contained in the
remainder of the Explanatory Statement.
Copies of the Retail Bondholder Explanatory Note and the
Explanatory Statement can be obtained from the Group's website at
www.premier-oil.com/investors/retail bond or via the Restructuring
Plans website www.lucid-is.com/premieroil. It will also be
available for all creditors, free of charge, by contacting Lucid
Issuer Services Limited ("Lucid") the information agent appointed
in respect of the Restructuring Plans, at premieroil@lucid-is.com
.
Retail Bondholders should contact their brokers and/or other
usual advisors if they require further information in relation to
the Retail Bond Explanatory Note, the Explanatory Statement or the
Transaction. Information in relation to the procedures for
submission of elections in connection with the Restructuring Plans
should be directed to Lucid at premieroil@lucid-is.com.
Enquiries
Premier Oil plc Tel: 020 7824 1116
Elizabeth Brooks, Head of Investor Relations
Camarco Tel: 020 3757 4983
Billy Clegg
Georgia Edmonds
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END
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