Premier gets another financial covenant test deferral

Independent UK oil company Premier Oil has received another, monthly deferral in respect of the test of its financial covenants. 

The company said on Thursday that the test for the 12 month period ending December 31, 2016, was waived and replaced by a test for the 12 month period ending January 31, 2017.

Premier noted it expects to continue to receive monthly deferrals until the refinancing of its financial facilities currently being negotiated has been agreed.

The company also added that good progress is being made in finalizing a long form term sheet in respect of the refinancing with the expectation that this will be circulated to all private lenders (Revolving Credit Facility, Term Loan, Schuldschein and US private placement notes) for credit approval in January.

Negotiations are now underway with the advisers to an ad hoc committee of the group’s convertible bondholders, Premier concluded.

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply