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EnQuest announces results of exchange offer for 7% PIK toggle notes
Chicago, April 21 – EnQuest plc announced the results of its exchange offer for noteholders of its £190,534,753 7% extendible PIK toggle notes due 2023 (ISIN: XS0880578728) for the issuer’s new 9% notes due Oct. 27, 2027, according to a notice.
EnQuest accepted £79,277,885 of the PIK toggle notes for exchange via the offer.
There will be £111,256,688 of the 7% notes remaining when the offer settles.
The PIK toggle notes were originally due Feb. 15, 2022 but had been extended to Oct. 15, 2023.
Noteholders were offered £1 in new notes for every £1 of existing notes exchanged, plus an exchange fee of £0.015 for every £1 in principal amount exchanged. Additionally, interest on the existing notes will be paid to, but excluding, the settlement date of April 27.
The exchange offer started on March 30 and ended at 11 a.m. ET on April 20.
Lucid Issuer Services Ltd. worked as the exchange agent for the exchange offer.
Questions could also have been directed to Peel Hunt LLP and WH Ireland Ltd.
The issuer is a London-based petroleum exploration and production company.
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