Successful Settlement Of New Bond Issue
EnQuest issued $675 million of 9⅞% senior notes due 2031 to refinance existing debt and enhance liquidity.
- New bond issue $675 million 9⅞% senior notes due 2031
- Price 99.038%
- Existing notes to redeem $465.0 million 11⅝% Senior Notes Due 2027
- Retail Notes to redeem £133.3 million 9% Retail Notes due 2027
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EnQuest PLC, 30 April 2026
SUCCESSFUL SETTLEMENT OF NEW BOND ISSUE
EnQuest PLC ("EnQuest" or the "Company") is pleased to announce the settlement of its offering of an aggregate principal amount of $675 million 9⅞% senior notes due 2031 (the "Notes") at 99.038%, with interest payable semi-annually. The Notes are senior obligations of the Company and are guaranteed by certain of the Company's subsidiaries.
The gross proceeds from the offering of the Notes will be used (i) to redeem in full the Company's $465.0 million aggregate principal amount of 11⅝% Senior Notes Due 2027, (ii) to further enhance liquidity via cash on balance sheet for general corporate purposes, which may be used to repay or refinance existing indebtedness (including but not limited to the Company's £133.3 million 9% Retail Notes due 2027 (the "Retail Notes")), and (iii) for payment of fees, costs, discounts and expenses in connection with the offering. The Company has given notice under the Retail Notes for a full redemption using cash on hand, which will include a portion of gross proceeds from the offering of the Notes.
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