North Sea operator Premier Oil has reportedly hired investment bankers at Rothschild to guide it through a refinancing of its large debt pile.
According to the Sunday Telegraph, banking giant Barclays has recently offloaded nearly £70 million of Premier debt to hedge funds, including Hong Kong-based Asia Research and Capital Management, which has taken out substantial hedging “insurance” for hundreds of millions of pounds of Premier debt.
As of October 31 2019, Premier had a reducing debt pile worth about £1.5 billion.
Last month, Premier dismissed a news report claiming it would be forced to sell off more assets with a repayment date for almost £2 billion worth of loans approaching.