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EnQuest  7.0% 15 Apr 2022

Business Description

Please note, the 7% GBP Bonds due 2022 are PIK Toggle Notes. Interest will be paid in kind subject to the 'Cash Payment Condition'.

The 'Cash Payment Condition' will be satisfied if (i) the end of day daily Brent Future price is above $65 USD per barrel on the deliberation date, and (ii) the issuer has not defaulted on its senior secured credit facilities. A full description of the 'Cash Payment Condition' is available in Bond Prospectus provided in 'Reports & Information'.

Enquest is one of the largest independent North Sea oil producers. The company is focused on acquiring & improving maturing oil fields. As of June 2019, the company produced 30,000 barrels of oil per day.

EnQuest PLC was formed in 2010 following a merger between Petrofac and Lundin. In 2014, the company expanded it's operations to Malaysia.

Shares in the Company trade on both the London Stock Exchange and the NASDAQ OMX Stockholm (ENQ.L and ENQ.ST).

Bond Information

Coupon

7.0%

Coupon Type

Payment-In-Kind Toggle

7.0% Cash or 7.0% PIK depending on Cash Payment Condition

Maturity Date

15 Apr 2022

Next Interest Payment

15 Feb 2020

Interest Period

6 months

ISIN

XS0880578728

Asset Security

Unsecured

Amount

£500,000,000

Status

Payments on time

* Current Yield and Yield to Maturity are on estimated return calculations and not guaranteed. All yields shown are gross of Taxation and our Service Fee.

Company Information

Company Legal Name

EnQuest plc

Industry

Energy, Utilities & Infrastructure

Country of Origin

United Kingdom

Year of Incorporation

2010

Ownership Status

Public

Capital Structure

Senior Debt 34%

Junior Debt 49%

Equity 17%

Cash

-1.2%

Senior Notes (combined)

6.2%

Content Liabilities

12.0%

Net Debt

17.0%

Equity

83.0%

Enterprise Value

100.0%

EDITDA

£883,000,000

Cash interest

£226,400,000

* An asterisk next to an item indicates there is additional information available if you hover over it. You can also find a definition of the terms used on this page in our Glossary.

Key Financials

Revenues

11,607

Growth %

38.1%

EDITDA

1,681

Margin %

14.5%

Cash balance

3,067

Source: Public Company information

Reports & Information

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

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Capital at risk. No FSCS cover.

Please note as a WiseAlpha member you are not lending directly to the corporate borrower. Instead, you are purchasing Fractional Bonds, each one backed by a specific bond. See Risk Statement.