EnQuest has signed new six-year, senior secured Reserves Based Lending (‘RBL’) facilities totalling $800 million, comprising:
- a $400 million secured revolving loan facility;
- a $400 million secured revolving letter of credit (‘LoC’) facility; and
- an accordion of up to $800 million, which provides the potential to extend the secured revolving loan facility and the revolving letter of credit facility by up to $400 million each.
The new facilities will be used to refinance the Group’s existing $500 million RBL facility, which included a $75 million LoC sublimit, and was due to mature in April 2027.
EnQuest is delighted to be supported in this refinancing by a syndicate of eight leading international banks, which includes long-standing existing lenders and high-quality new relationships.
The new loan facilities enhance EnQuest’s liquidity profile, and the expanded LoC tranche provides committed long-term coverage for the Group’s decommissioning security obligations.
Commenting on the signing of the new facility, EnQuest Chief Financial Officer, Jonathan Copus, said: 'I am very pleased to have agreed these new facilities, which provide EnQuest with an enhanced capital structure that is simple, flexible and aligned with our growth ambitions. I would like to thank our new lender syndicate for their support, and I look forward to working with them to deliver EnQuest’s strategy.'
Source: EnQuest
