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Conyers Dill & Pearman has advised Premier Oil, one of the UK’s largest independent oil and gas companies, on the successful restructuring of US$3.8 billion of debt facilities.
The restructuring comprised the entirety of Premier Oil’s capital structure, including a revolving credit facility, term loans, US private placement notes, Schuldschein loans, bilateral letter of credit facilities, a retail bond, a convertible bond and various hedging instruments.
The overall amount of debt, and the wide range of different stakeholders, means that this transaction is one of the largest and most complex financial restructurings of a North Sea oil and gas company in recent years.
The Conyers team, which was made up of Anton Goldstein, Matthew Harkness and Marcus Hallan, worked alongside Slaughter and May on the transaction.