A&O advises creditors of Premier Oil plc on its merger with Chrysaor and its USD2.7bn debt restructuring
16 October 2020
A&O is advising a coordinating group of creditors on the USD2.7 billion restructuring of Premier Oil plc and its merger with Chrysaor Holdings Limited. The restructuring will include an all share merger between Premier Oil plc and Chrysaor Holdings Limited (the Acquisition) and the reorganisation of Premier Oil’s existing debt and cross-currency swaps (the Debt Restructuring).
The Acquisition will create the largest independent oil and gas company listed on the London Stock Exchange. The Acquisition and the Debt Restructuring are inter-conditional and are subject to regulatory approvals and approval by Premier Oil’s existing shareholders and its existing creditors.
The Debt Restructuring will be implemented via inter-conditional restructuring plans of Premier Oil, Premier Oil UK Limited and Premier Oil Holdings Limited (in England and Scotland) under Part 26A of the Companies Act 2006.
The A&O team was led by restructuring partner Nick Lister and corporate partners Stephen Mathews and James Roe. The wider A&O team includes Hugh Hobhouse, Adam Fadian, Matthew Kimber, Sophie Waples, Lara Panahy, Lindi Wang and Lewis Weaver.