Slaughter and May advised Premier Oil plc on US$205 million accelerated exchange of convertible bonds

Slaughter and May advised Premier Oil plc on its successful invitation to convertible bondholders to accelerate the exchange of their outstanding convertible bonds into ordinary shares of the company.  87.5% (US$205.78 million) of the US$235.2 million convertible bonds outstanding were accepted for early conversion under the invitation, which was launched on 11 January and completed on 16 January 2018.  The benefits to the company and its shareholders include reduction of the company’s indebtedness by US$ 205.78 million, increased stability in the company’s capital base and a lower number of shares issued to bondholders than likely would have been issued if the bonds were held to and exchanged at maturity. Jefferies International Limited acted as dealer manager in relation to the invitation.

Hywel Davies Partner
Sarah Osprey Partner