Commentary & Deal Flow

Revised price talk: 10.25% area (+/-12.5bp) yield with OID, WPIR
Price talk: 5NC2: 10.50-10.75%
IPTs: 5NC2: High 10s-11%

• Issuer: EnQuest PLC
• Ticker: ENQLN
• Ratings: Caa1/B+ (Moody's/S&P) (stable)
• Offering Size: US$675m (up from US$650m and US$575m)
• Issue Type: Senior Unsecured Fixed Rate Notes
• Maturity: 2031 (5 years)
• Call Protection: NC2, 50%, 25%, Par; MWC T+50bp; Equity claw: 2y 40%; Special call: 10% per year the 1st 2 years at 103.
• Distribution: Reg S / 144A
• Revised price talk: 10.25% area (+/-12.5bp) yield with OID, WPIR
• Price talk: 10.50-10.75%
• IPTs: High 10s-11%
• Timing: Books close 3:30pm UKT (from 2pm UKT) / 10:30am NYT (from 9am NYT) today (21-Apr). Pricing 21-Apr.
• 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 01-Nov-27, with the remainder for cash to balance sheet, payment of fees, costs and expenses, and general corporate purposes. ($100m (up from $75m) added for cash on balance sheet and GCP).
• 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.
• DealRoadshow Pre Registration Link: https://evercall.co/oacc/45886
• DealRoadshow Access Code: ENQUEST26
• DealRoadshow Direct Access Link: https://dealroadshow.com/e/ENQUEST26