Slaughter and May advised Premier Oil - covenant reset

Slaughter and May advised Premier Oil plc (Premier) on a covenant reset across its principal financing arrangements, comprising term and revolving credit facilities, US private placements and Schuldschein loans. As part of the reset, additional headroom has been created under the leverage and interest cover ratio levels Premier is required to maintain until mid-June 2017. This covenant headroom is intended to provide the group with balance sheet flexibility if a weak oil price environment persists.

Slaughter and May worked as an integrated team with Morrison Foerster (UK) LLP, Hengeler Mueller who advised on German law, CMS Cameron McKenna LLP who advised on Scots law, Conyers Dill & Pearman who advised on BVI law, De Brauw Blackstone Westbroek who advised on Dutch law, and Mourant Ozannes who advised on Jersey law.

David Shone Partner