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EnQuest PLC (ENQLN) USD675m Apr 26 1-pt

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EnQuest PLC

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EnQuest PLC

by Stephen Carter

Apr 21, 2026 7:30 PM ET

PRICED: EnQuest PLC US$675m 5NC2 Sr Unsec 9.875% at 99.038, yield 10.125%

HYC European Market: Deal Flow - GeneralHYC US Market: Deal Flow - General

Issuer	Term	Call	Maturity	Size	Ranking	Type	IPT	PX TALK	Revised Px talk	Priced
EnQuest PLC	5NC2	2y	30-APR-31	$675m (up from US$650m and US$575m)	Sr Unsec	Fixed	High 10s-11%	10.50-10.75%	10.25% area yield	9.875% at 99.038 yld 10.125%

Priced: 9.875% at 99.038, yield 10.125%. +622bp vs 3.875% 31-March-2031

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+/B+ (positive/stable/stable) (Moody's/S&P/Fitch)
Offering Size: US$675m (up from US$650m and US$575m)
Issue Type: Senior Unsecured Fixed Rate Notes
Maturity: 30-Apr-31 (5 years)
Call Protection: NC2, 50%, 25%, Par; MWC T+50bp; Equity claw: 2y 40% at 109.875; Special call: 10% per year the 1st 2 years at 103.
Call schedule: 30-Apr-2026 104.9375, 30-Apr-2029 102.4688, 30-Apr-2030 and thereafter at 100
Distribution: Reg S / 144A
Coupon: 9.875%
Price: 99.038
Yield: 10.125%
Spread: 622bp
Benchmark: UST 3.875% 31-March-2031
Revised price talk: 10.25% area (+/-12.5bp) yield with OID, WPIR
Price talk: 10.50-10.75%
IPTs: High 10s-11%
Pay dates: 30-Apr and 30-Oct, starting 30-Oct-2026
Trade Date: 21-Apr-2026
Settlement Date: 30-Apr-2026 (T+7)
144A CUSIP: 29357JAF3
144A ISIN: US29357JAF30
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
Timing: Books close 3:30pm UKT (from 2pm UKT) / 10:30am NYT (from 9am NYT) today (21-Apr). Pricing 21-Apr.
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
Time of Execution: 17:41 UKT 21-APR-2026
Free to Trade: 08:00 UKT 22-Apr-2026