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>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 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 1 2 3 4 5 6

OilComm 2019

OilComm is a place where major players in energy, maritime, and transportation communities come together…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

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