(as at 31 October 2022 unless otherwise stated)
|Maturity||Annual Interest %||Comments|
Reserves Based Facility (USD)
Up to $500 million senior secured revolving borrowing base facility agreement including $75 million letter of credit facility
USD SOFR + Margin
In October 2022, EnQuest entered into an up to $500 million senior secured revolving borrowing base facility ('RBL').
High yield bond (USD)
|Nov-27||11.625% payable semi-annually in arrears|
In October 2022, the Group issued a $305 million high yield bond.
a) Prior to 1 November 2024 up to 40% of the outstanding notes at 111.625% of the principal amount with all or a portion of Equity Offerings
|Retail Bond (GBP)||£111.3 million||Oct-23||7.00% payable semi-annually in arrears|
Following the partial refinancing of the 2023 7% GBP retail bond through the exchange and cash offer in April 2022, the outstanding stub on the 2023 bond is £111.3 million.
It is expected that this stub will be settled in cash at maturity.
|Retail Bond (GBP)|
|Oct-27||9.00% payable semi-annually in arrears|
The 9.00% 2027 GBP Retail bond was issued through an exchange and cash offer.
The offer completed on 20 April 2022, and settled on 27 April 2022, with a principal of £133.3 million generated via £54.0 million of new cash inflows, and £79.3 million of existing 7.00% bonds being exchanged for the new bond.
|Sullom Voe Terminal ‘SVT’ working capital facility (GBP)||c.$8 million||Dec-23||GBP SONIA +1.00%|
In 2017, EnQuest NNS Limited entered into a $42.0 million revolving loan facility with a joint operator partner to fund the short-term working capital cash requirements on the acquisition of SVT and other interests.
1. the date on which production from Magnus permanently ceases; or
This information has been prepared by the Company in order to provide general, high-level summary information in respect of the Company’s financing arrangements to investors. Whilst it has been prepared on the basis of good faith, no representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information in this presentation and no responsibility or liability is or will be accepted by EnQuest PLC or any of its respective subsidiaries, affiliates and associated companies (or by any of their respective officers, employees or agents) in relation to it. None of the Company or any of its subsidiary undertakings or any of such person's respective directors, officers, employees, agents, affiliates or advisers, undertakes any obligation to amend, correct or update this information or to provide the recipient with access to any additional information that may arise in connection with it.