Premier Oil PLC - Creditor support for proposed merger with Chrysaor

RNS Number : 0196E

Premier Oil PLC

03 November 2020

Premier Oil plc

"Premier" or the "Company"

Creditor support for the proposed merger with Chrysaor

3 November 2020

Further to Premier's announcement of 6 October 2020, the Company is pleased to announce that it has received the requisite level of support from each class of its creditors for the proposed merger of Premier and Chrysaor Holdings Limited and the reorganisation of Premier's existing finance arrangements 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 Court-approved restructuring plans, and have agreed to waive Premier's financial covenants until completion of the Transaction. As such, the merger agreement between Premier, Harbour, funds managed by EIG and Chrysaor has been released from escrow.

Premier will launch the restructuring plan processes through the issuance of a practice statement letter, immediately after the Prospectus for the Transaction is published, which is currently anticipated by the end of 2020. The Transaction is expected to complete by the end of Q1 2021.

Terms defined in the announcement of 6 October shall have the same meaning in this announcement.

Enquiries

Premier Oil plc

Tony Durrant, CEO

Richard Rose, Finance Director

Tel: 020 7824 1116

Camarco

Billy Clegg

Georgia Edmonds

Tel: 020 3757 4983

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCLLLLBBFLFFBX

Quick facts: Premier Oil PLC

Price: -

Market: LSE

Market Cap: -

Follow

View company profile

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE