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The information contained herein may only be released, published or distributed in the United Kingdom, Jersey, Guernsey and the Isle of Man. The information contained herein is not for release, publication or distribution in or into the United States, Australia, Canada, The Republic of Ireland, Japan, South Africa or in any other jurisdiction where it is unlawful to distribute this document. The Bonds may only be sold in Jersey in compliance with the provisions of the Control of Borrowing (Jersey) Order 1958
EnQuest PLC launches 5.5% Sterling Retail Bonds due 2022
EnQuest, the largest independent UK producer of oil in the UK North Sea, today launches its 5.5% Bonds due 2022.
EnQuest is a FTSE250 company focused on realising the potential in mature assets and in undeveloped oil fields and was established through combining the UK North Sea assets and operations of Lundin Petroleum AB and Petrofac Limited.
The Bonds pay a fixed gross rate of interest of 5.5% per annum until 2022. The interest will be paid twice yearly on 15 August and 15 February of each year with the first coupon payment being made on 15 August 2013 and the Bonds maturing on 15 February 2022. At any time during the life of the Bond, investors are permitted to sell the Bonds (within market hours and in normal market conditions) on the open market through their stockbroker.
The Bonds have a minimum initial subscription amount of £2,000 and in multiples of £100 thereafter. The offer period will open on 24 January 2013 and is expected to close on 8 February 2013. EnQuest retains the right to close the offer early, in conjunction with the Lead Manager.
The Bonds are expected to be admitted to trading on the London Stock Exchange's regulated market and through the Order Book for Retail Bonds of the London Stock Exchange ("ORB"). This is expected to occur on 15 February 2013.
Numis Securities Limited will act as Sole Lead Manager on this issue.
The Authorised Distributors are:
- Barclays Stockbrokers
- Brown Shipley
- Killik & Co
- RIA Capital Markets
- Selftrade (execution only)
- Smith & Williamson Securities
- Stocktrade (a division of Brewin Dolphin Ltd)
EnQuest Chief Executive, Amjad Bseisu, commented:
"We are delighted to be the first oil company to launch a retail bond on ORB, which will provide retail investors with a new choice of sector to invest in. The Bond will allow the company to diversify its funding base and extend the tenor of its borrowings and will complement our already strong balance sheet."
For further information, please see EnQuest's website: www.enquest.com/retailbonds
Jonathan Swinney (Chief Financial Officer)
Michael Waring (Head of Communications & Investor Relations)
Tel: +44 (0)20 7925 4900
Pelham Bell Pottinger
Tel: +44 (0)20 7861 3925
Tel: +44 (0)20 7260 1000
Notes to editors
EnQuest is the largest UK independent producer of oil in the UK North Sea. EnQuest trades on both the London Stock Exchange and the NASDAQ OMX Stockholm. It is a constituent of the FTSE 250 index. Its assets include the Thistle, Deveron, Heather, Broom, West Don, Don Southwest and Conrie producing fields and the Alma and Galia development. At the end of June 2012, EnQuest had working interests in 29 production licences covering 36 blocks or part blocks in the UKCS, of which 22 licences are operated by EnQuest.
This announcement is not a prospectus for the purposes of EU Directive 2003/71/EC, as amended (the "Directive"), and/or Part VI of the Financial Services and Markets Act 2000. Investors should not subscribe for any bonds referred to in this announcement except on the basis of information contained in the prospectus and the final terms relating to the issue of the bonds. Full information on EnQuest and any offer of bonds will only be available in a prospectus and the final terms and (if relevant) a sizing announcement published in respect of such bonds. Investors will be able to obtain copies of the prospectus and the final terms and the sizing announcement on the website of the Regulatory News Services operated by the London Stock Exchange.
The distribution of this announcement and other information in connection with any offer in certain jurisdictions may be restricted by law and persons into whose possession this announcement or any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase. Any purchase of bonds pursuant to any offer should only be made on the basis of the information contained in the relevant prospectus and the final terms, available as described above.
The bonds will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and, subject to certain exceptions, may not be offered, sold or delivered within the United States. Any bonds will be offered and sold outside of the United States in reliance on Regulation S of the Securities Act, and may be subject to certain U.S. tax law requirements.
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