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Premier Oil $3.8 billion financial restructuring

28/7/2017
Bond/note restructuring, Financing, Financial restructuring
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$ 3.8 billion

Completed

28/7/2017

Overview:

  • Premier Oil has undertaken a $3.8 billion financial restructuring.
  • Premier Oil is an independent oil and gas exploration and production company in the United Kingdom.
  • The deal included a restructuring of a revolving credit facility, term loans and a US private placement of notes, schuldschein loans, bilateral letter of credit facilities, a retail bond, a convertible bond and various hedging instruments.
  • A coordinating committee of banks has provided a $2.5 billion revolving credit facility and £100 million and $150 million term loan facilities.

Katrin Kostadinova - Data analyst

Jurisdictions:

British Virgin Islands
United Kingdom

Deal types:

Bond/note restructuring
Financing
Financial restructuring

Practice areas:

Banking
Capital markets : Debt
Restructuring and insolvency

Governing law:

England and Wales

Industry sector:

Oil and gas

Firms:
Akin Gump Strauss Hauer & Feld

Party: Committee of bondholders (Debtor)

Lawyers: Barry Russell, Tom Bannister

Allen & Overy

Party: Co-ordinating commitee (Lender)

Lawyers: Jamie Durham, Katrina Buckley, Stephen Mathews

Conyers Dill & Pearman

Party: Premier Oil (Debtor)

Lawyer: Anton Goldstein

Slaughter and May

Party: Premier Oil (Debtor)

Lawyers: Hywel Davies, Philip Snell (retired), Sally Wokes, Tom Vickers

Willkie Farr & Gallagher

Party: Committee of bondholders (Bondholders)

Lawyers: Graham Lane, Sebastian FitzGerald

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