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.

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