EnQuest plans public offering of 9% fixed-rate notes due 2027

By William Gullotti

Buffalo, N.Y., March 30 – EnQuest plc is planning to commence a retail offering of 9% sterling-denominated fixed-rate notes due Oct. 27, 2027, according to a prospectus and notices released Wednesday.

The proposed notes will be guaranteed on a joint and several, subordinated basis by EnQuest Britain Ltd., EnQuest ENS Ltd., EnQuest Global Ltd., EnQuest Heather Ltd., EnQuest Heather Leasing Ltd., EnQuest NWO Ltd., EnQuest Production Ltd., EnQuest Petroleum Production Malaysia Ltd, NSIP (GKA) Ltd., EnQuest Marketing and Trading Ltd., EnQuest Petroleum Developments Malaysia Sdn. Bhd., EnQuest Advance Ltd., EnQuest Advance Holdings Ltd., EQ Petroleum Sabah Ltd. and North Sea (Golden Eagle) Resources Ltd.

The notes will be callable prior to maturity.

Peel Hunt LLP and WH Ireland Ltd. are acting as joint lead managers for the offering with Hargreaves Lansdown Asset Management Ltd. as the initial authorized offeror.

The offer period is open and is expected to close at 11 a.m. ET on April 20, if not closed early.

Settlement is expected to be April 27.

After issue, the notes are expected to be listed on the London Stock Exchange.

The public offering will be conducted concurrently with EnQuest’s March 29 exchange offer for its outstanding sterling-denominated 7% extendable PIK toggle notes due Feb. 15 as extended to Oct. 15, 2023 (ISIN: XS0880578728). Notes issued via the exchange offer will form a single series with the publicly offered notes.

Proceeds will be used for general corporate purposes.

The issuer is a London-based petroleum exploration and production company.

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