EnQuest holds roadshow for new five-year fixed-rate senior notes

Chicago, Oct. 10 – EnQuest plc started a roadshow on Monday for $300 million of senior fixed-rate notes with a five-year tenor (B3/B+), according to a market source.

There will be two years of call protection followed by an early redemption amount that will be based on 50% of the coupon in year three, 25% of the coupon in year four and then the notes will be callable at par.

Global coordinators and joint active bookrunners for the Rule 144A and Regulation S deal are BNP Paribas Securities Corp., BofA Securities, Inc., DnB NOR Markets Inc. and Goldman Sachs & Co. LLC (billing and delivery).

Deutsche Bank Securities Inc. is also a bookrunner.

Proceeds, along with drawings under a revolving bank loan facility and cash, will be used to refinance existing senior notes due 2023.

The roadshow goes through Wednesday.

The notes will be listed on the Luxembourg Stock Exchange.

The issuer is an independent oil and gas producer based in the United Kingdom and operating in the United Kingdom, the North Sea and Malaysia.

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