A North Sea oil and gas company has restructured its debt and extended repayment terms after agreeing a new funding package.
EnQuest has been bringing down its borrowing while receiving strong cashflows thanks to high oil and gas prices. It owed almost $1.2 billion in June last year and had cut that to $880 million by the same month this year. It said the figure had reached $750 million by the end of September. Under its refinancing, it will net a $500 million reserves-based lending facility, which has a further $300 million option.
The company also has offered $305 million of senior notes, which pay more than 11.6 per cent interest and are due to be repaid in November 2027.
It has used a mix
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