EnQuest £2 billion restructuring

Overview:

• EnQuest has undertaken a £2 billion restructuring.
• The deal consists of a $1.2 billion credit revolving credit facility; a $650 million high yield note exchange offer; the amendment of £155 million in retail notes via a scheme of arrangement; and a £82 million equity listing on the LSE and the Nasdaq Stockholm.
• EnQuest is a UK oil and gas exploration and production company with interests in six oilfields in the North Sea.
• Herbert Smith Freehills advised the lenders.
• Weil Gotshal & Manages advised the committee of bondholders.

Sam Duke - Editor