Premier Oil plc’s US$205 million accelerated exchange of convertible bonds

Slaughter and May has 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.

Slaughter and May advised Premier Oil plc on the deal with a Corporate team led by Hywel Davies (partner, in picture), assisted by Steven Mackay (associate); on Financing aspects provided assistance Philip Snell (partner), Kevin Johnston (associate) and Richard Lismore-John (associate); on Tax law acted Sarah Osprey (associate).

Involved fees earner: Hywel Davies – Slaughter and May; Steven Mackay – Slaughter and May; Philip Snell – Slaughter and May; Kevin Johnston – Slaughter and May; Richard Lismore-John – Slaughter and May; Sarah Osprey – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Premier Oil;