New senior secured debt facilities
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EnQuest PLC, 10 November 2025
EnQuest signs new $800 million senior secured Reserve Based Lending facilities
EnQuest PLC ("EnQuest" or the "Group") is pleased to announce it has signed new six-year, senior secured Reserves Based Lending ('RBL') facilities (the 'new facilities') totalling $800 million, comprising:
(i) a $400 million secured revolving loan facility;
(ii) a $400 million secured revolving letter of credit ('LoC') facility; and
(iii) 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."
Ends
For further information please contact:
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EnQuest PLC |
Tel: +44 (0)20 7925 4900 |
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Amjad Bseisu (Chief Executive Officer) |
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Jonathan Copus (Chief Financial Officer) |
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Craig Baxter (Head of Investor Relations and Corporate Affairs) |
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Teneo |
Tel: +44 (0)20 7353 4200 |
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Martin Robinson |
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Harry Cameron |
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NOTES TO EDITORS
The facilities include customary RBL provisions, including hedging requirements, semi-annual borrowing-base redeterminations and a springing-maturity linked with the Group's high yield notes. The initial coupon rate on the new loan facility is SOFR plus 4.00%.
ENQUEST
EnQuest is providing creative solutions through the energy transition. As an independent energy company with operations in the UK North Sea and South East Asia, the Group's strategic vision is to be the partner of choice for the responsible management of existing energy assets, applying its core capabilities to create value through the transition.
EnQuest PLC trades on the London Stock Exchange.
Please visit our website www.enquest.com for more information on our global operations
Forward-looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectations and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance.
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