EnQuest lacks quorum at meeting for 5½% notes due 2022; new date set

By Susanna Moon

Chicago, Oct. 17 – EnQuest plc said it adjourned the Friday meeting for its £155 million 5½% notes due Feb. 15, 2022 after failing to get quorum.

A new meeting has been set for Nov. 5 in London, according to a company notice.

As previously announced, the company is asking holders to approve the subordinated upstream guarantees by the company’s subsidiaries for the company’s obligations under the retail notes.

The proposal would allow the retail noteholders to benefit from subordinated upstream guarantees on substantially the same terms as provided by the same subsidiaries in favor of the holders of the company’s $650 million 7% senior notes due 2022 as was expected in the offering memorandum for the senior notes, the company said.

EnQuest is a London-based petroleum exploration and production company.

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