North Sea operator Premier Oil said today that its debt refinancing had been completed.
London-listed Premier Oil announced details of the restructuring earlier this year.
The proposals involved resetting financial covenant headroom and extending maturities to 2021 and beyond.
The Court of Session in Scotland gave final sanction for the schemes of arrangement last week.
Premier chief executive Tony Durrant said today: “The completion of the refinancing process represents a significant milestone for Premier.
“We are grateful for the level of support received from our lenders during this process which has put Premier on a strong footing to deliver value for all of our stakeholders in the medium term. ”
As of the end of last year, Premier’s net debt stood at £2.3billion, nearly £500million more than a year earlier but down from a peak in the third quarter of last year.
The company’s shares soared earlier this month after it said a field it is partnered on off the coast of Mexico could contain 1billion barrels of oil.
First oil from the North Sea Catcher area is scheduled for December.
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