EnQuest has signed new six-year, senior secured Reserves Based Lending (‘RBL’) facilities totalling $800 million, comprising:

• a $400 million secured revolving loan facility;
• a $400 million secured revolving letter of credit (‘LoC’) facility; and  
• an accordion of up to $800 million, which provides the potential to extend the secured revolving loan facility and the revolving letter of credit facility by up to $400 million each.

The new facilities will be used to refinance the Group’s existing $500 million RBL facility, which included a $75 million LoC sublimit, and was due to mature in April 2027.

EnQuest is delighted to be supported in this refinancing by a syndicate of eight leading international banks, which includes long-standing existing lenders and high-quality new relationships.

The new loan facilities enhance EnQuest’s liquidity profile, and the expanded LoC tranche provides committed long-term coverage for the Group’s decommissioning security obligations.

Commenting on the signing of the new facility, EnQuest Chief Financial Officer, Jonathan Copus, said:
"I am very pleased to have agreed these new facilities, which provide EnQuest with an enhanced capital structure that is simple, flexible and aligned with our growth ambitions.

"I would like to thank our new lender syndicate for their support, and I look forward to working with them to deliver EnQuest’s strategy."

KeyFacts Energy: EnQuest UK country profile