NEW ISSUE: EnQuest PLC US$575m 5NC2 Sr Unsec; IPT high 10s-11%, on the road
HYC European Market: Deal Flow - GeneralHYC US Market: Deal Flow - General
Issuer
Term
Call
Maturity
Size
Ranking
Type
IPT
EnQuest PLC
5NC2
2y
2031
US$575m
Sr Unsec
Fixed
High 10s- 11%
IPTs: 5NC2: High 10%s - 11%
Issuer:EnQuest PLC
Ticke: ENQLN
Currency: US$
Offering Size: US$575m
Issue Type: Senior Unsecured Fixed Rate Notes
Maturity: 2031 (5 years)
Call Protection: NC2, 50%, 25%, Par; MWC T+50bp; Eqity claw: 2y 40%; Special call: 10% per year the 1st 2 years at 103.
Ratings: (Existing Caa1)/B+ (--/stable)
Distribution: Reg S / 144A
IPTs: High 10s-11%
Global Coordinators and Joint Active Bookrunners: Goldman Sachs International (B&D), DNB Carnegie, Deutsche Bank, Wells Fargo Securities
Joint Bookrunners: ING, Macquarie Capital
CoC: at 101
Minimum Denomination: US$200,000 x US$1,000
Clearing / Settlement: The Depository Trust Company
Listing: Luxembourg Stock Exchange (Regulated)
Governing Law: New York
Use of Proceeds: Refinancing of Existing US$465m 11.625% Senior Notes Due 11/01/27 (callable at 102.905), US$101m Cash to Balance Sheet and US$9m Payment of Fees, Costs and Expenses
Business: Independent U.K. Oil and Gas Producer Operating in the U.K. North Sea and South East Asia
HQ: London, UK
Global Investor Call: Mon 20-Apr 15:00 UKT / 16:00 CET / 10:00 ET
Roadshow: Small group Zoom meetings starting Monday 20-Apr