EnQuest, a UK-based oil and gas company, secures new $800m senior secured reserve-based lending facilities, replacing existing $500m facility, with potential for expansion up to $400m each. Refinancing aims to support growth ambitions and enhance capital structure. Syndicate of eight international banks involved in the deal. Initial interest rate set at secured overnight financing rate plus 4%.

EnQuest’s refinancing includes $400m secured revolving loan facility and $400m secured revolving letter of credit facility, with accordion feature for potential expansion. New facilities have standard reserve-based lending terms, semi-annual borrowing base redeterminations, and springing maturity provision. EnQuest operates in UK North Sea and South East Asia, listed on London Stock Exchange.

EnQuest chief financial officer Jonathan Copus expresses pleasure over agreement for new facilities, highlighting enhanced capital structure and alignment with growth ambitions. Syndicate of eight international banks supports refinancing deal. New loan facility has initial interest rate set at secured overnight financing rate plus 4%. Expanded letter of credit tranche aims to cover decommissioning security obligations.

EnQuest signs new $800m reserve-based lending package, replacing existing $500m facility, with potential for expansion up to $400m each. Refinancing aims to support growth ambitions and enhance capital structure. Syndicate of eight international banks involved in the deal. Initial interest rate set at secured overnight financing rate plus 4%.

Read more at Yahoo Finance: EnQuest secures $800m reserve-based lending package