REG - EnQuest PLC - New senior secured debt facilities

EnquestAnnouncement

10/11/2025 07:00

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RNS Number : 8417G  EnQuest PLC  10 November 2025

 

 

EnQuest PLC, 10 November 2025

 

EnQuest signs new $800 million senior secured Reserve Based Lending facilities

 

 

EnQuest PLC ("EnQuest" or the "Group") is pleased to announce it has signed
new six-year, senior secured Reserves Based Lending ('RBL') facilities (the
'new facilities') totalling $800 million, comprising:

(i)         a $400 million secured revolving loan facility;

(ii)        a $400 million secured revolving letter of credit ('LoC')
facility; and

(iii)       an accordion of up to $800 million, which provides the
potential to extend the secured revolving loan facility and the revolving
letter of credit facility by up to $400 million each.

The new facilities will be used to refinance the Group's existing $500 million
RBL facility, which included a $75 million LoC sublimit, and was due to mature
in April 2027.

EnQuest is delighted to be supported in this refinancing by a syndicate of
eight leading international banks, which includes long-standing existing
lenders and high-quality new relationships.

The new loan facilities enhance EnQuest's liquidity profile, and the expanded
LoC tranche provides committed long-term coverage for the Group's
decommissioning security obligations.

 

Commenting on the signing of the new facility, EnQuest Chief Financial
Officer, Jonathan Copus, said:

"I am very pleased to have agreed these new facilities, which provide EnQuest
with an enhanced capital structure that is simple, flexible and aligned with
our growth ambitions.

"I would like to thank our new lender syndicate for their support, and I look
forward to working with them to deliver EnQuest's strategy."

Ends

 

For further information please contact:

 

 EnQuest PLC                                                      Tel: +44 (0)20 7925 4900
 Amjad Bseisu (Chief Executive Officer)
 Jonathan Copus (Chief Financial Officer)
 Craig Baxter (Head of Investor Relations and Corporate Affairs)

 Teneo                                                            Tel: +44 (0)20 7353 4200
 Martin Robinson
 Harry Cameron

 

NOTES TO EDITORS

 

The facilities include customary RBL provisions, including hedging
requirements, semi-annual borrowing-base redeterminations and a
springing-maturity linked with the Group's high yield notes. The initial
coupon rate on the new loan facility is SOFR plus 4.00%.

 

 

ENQUEST

 

EnQuest is providing creative solutions through the energy transition. As an
independent energy company with operations in the UK North Sea and South East
Asia, the Group's strategic vision is to be the partner of choice for the
responsible management of existing energy assets, applying its core
capabilities to create value through the transition.

EnQuest PLC trades on the London Stock Exchange.

Please visit our website www.enquest.com (http://www.enquest.com) for more
information on our global operations

 

Forward-looking statements: This announcement may contain certain
forward-looking statements with respect to EnQuest's expectations and plans,
strategy, management's objectives, future performance, production, reserves,
costs, revenues and other trend information. These statements and forecasts
involve risk and uncertainty because they relate to events and depend upon
circumstances that may occur in the future. There are a number of factors
which could cause actual results or developments to differ materially from
those expressed or implied by these forward-looking statements and forecasts.
The statements have been made with reference to forecast price changes,
economic conditions and the current regulatory environment. Nothing in this
announcement should be construed as a profit forecast. Past share performance
cannot be relied upon as a guide to future performance.

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