Global law firm Ashurst has advised EnQuest PLC (together with its subsidiaries, "EnQuest"), an independent oil and gas production and development company listed on the London and Stockholm stock exchanges, on its US$500.0 million reserve based lending facility (the "RBL") as part of the refinancing of its debt facilities. The RBL includes a US$300.0 uncommitted accordion and matures in April 2027.
Drawings of US$400.0 million under the RBL, together with the net proceeds from a new issue of senior notes due November 2027 and cash on hand, have been used for the redemption of EnQuest's senior notes due 2023.
The Ashurst team was led by senior consultant Huw Thomas and partner Adrian Lawrence, supported by senior associates Grahame Fischer, Harriet Gray and Ari Garas and associates Daniel Lenihan and Ben Pearson. Hedging advice was provided by global markets partner Kerion Ball and senior associate Alec Peschlow. Senior associate Shayaan Zaraq Bari advised on tax matters. The Ashurst team worked closely with EnQuest Senior Lawyer Dawood Ahmed.
