Brief: Krisenergy to undertake a financial restructuring

KrisEnergy

02/11/2016 22:47

Nov 3 (Reuters) - Krisenergy Ltd  KRIS.SI : 
    * Company proposes to undertake a financial restructuring 
    * A proposed preferential offering to raise up to S$140 
million 
    * Proposed restructuring of company's existing revolving 
credit facility with DBS Bank Ltd to provide a bridge upsize for 
up to six months 
    * Restructuring comprises proposed consent solicitation in 
relation to company's S$130 million 6.25 per cent notes due 2017 
and S$200 million 5.75 per cent 
    * Group will retain some high impact exploration prospects, 
which it does not believe will require significant funding in 
next two to three years 
    * Fluctuations in oil prices will have an immediate impact 
on company's revenue, which is derived from sale of crude oil, 
liquids and gas 
    * Following issuance of existing notes, there has been, and 
continues to be, significant fluctuations in price of crude oil 
    * Proposed restructuring will provide group with a stable 
and sustainable capital structure 
    * Fluctuations in price of crude oil  have adversely 
impacted, and continue to present risks for oil and gas and 
offshore marine sectors 
    * Net cash proceeds from portfolio rationalisation process 
will be applied to capital expenditure for group's assets in 
gulf of thailand 
    * In discussions with First Reserve Fund XII, L.P. , Fr 
XII-A Parallel Vehicle, L.P., and Keppel Oil & Gas Pte. Ltd. 
 
Source text for Eikon:  ID:nSNZ63X0Ml  
Further company coverage:  KRIS.SI  
 
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