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Premier Oil creditors extend debt test waiver to November 5

·1-min read

LONDON (Reuters) - Creditors of North Sea-focused Premier Oil <PMO.L> have extended a waiver for the group's debt covenant test until Nov. 5, giving it breathing space to avoid a debt crunch, the company said on Thursday.

Premier needs to convince at least 75% of its creditors that the best solution is for the company to extend debt maturities to 2025 and try to raise $530 million, part of which would be spent on buying assets from BP <BP.L> to boost production.

In August, Premier said it had 45% of creditors on board. It did not provide an updated tally on Thursday.

Meanwhile, Premier is also in talks with private equity-backed rival Chrysaor on an alternative deal.

"Premier's creditors have approved an extension to the previously announced Stable Platform Agreement with the group's financial covenants waived through to 5 November 2020," Premier said after its previous waiver ran out on Wednesday.

"Discussions continue relating to the proposed refinancing and possible alternative transactions."

(Reporting by Shadia Nasralla; Editing by David Goodman)