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EnQuest PLC on Wednesday said it has made progress on reducing its gross debt, after successfully concluding the refinancing of debt facilities.
On October 13, the London-based oil and gas production company, which has operations in both the UK and Malaysia, announced the refinancing of its existing $792.3 million senior notes, due 2030.
The company has now completed the refinancing, securing a $500.0 million reserves-based lending facility, with a $300.0 million uncommitted accordion, maturing in April 2027.
It has also completed its offering of $305.0 million of 11.625% senior notes, due November 2027.
EnQuest said the net proceeds of the notes, along with drawings of $400.0 million under its reserves-based lending facility, have been used to redeem the 7.0% senior notes of $792.3 million, due 2023.
As a result, EnQuest has further reduced its gross debt compared to June 30, it said, while "materially extending" its debt maturity profile.
"The refinancing is an important milestone for EnQuest, extending our maturities whilst allowing us to continue with our goal of rapid deleveraging," said Chief Executive Officer Amjad Bseisu.
"It also provides us the runway to deliver on our strategy of optimising our upstream production to support energy security as well as leveraging our existing infrastructure for future opportunities."
EnQuest shares were trading 3.6% higher at 26.84 pence each in London on Wednesday morning.
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