Premier Oil PLC Creditor support for proposed merger with Chrysaor (0196E)
November 03 2020 - 2:00AM
UK Regulatory
TIDMPMO
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
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