Chrysaor gets listing with Premier deal
The private equity-backed producer accesses London market without having to attempt an IPO
Chrysaor, the North Sea producer backed by the Harbour Energy subsidiary of private equity (PE) firm EIG, will combine with debt-laden Premier Oil in a reverse takeover that retains the latter’s stock market listing to create the largest independent in the London market. The deal will leave Harbour with a 39pc stake in the combined business but with the opportunity to monetise its investment without the need for an IPO or trade sale. Premier had been seeking to refinance its $2.7bn debt and raise funds for an acquisition of BP’s stakes in the Andrew and Shearwater fields. That transaction is now off, while Chrysaor will pay off £1.23bn of debt and repay $400mn in Letters of Credit (LCs). It
Also in this section
14 May 2024
But there is still plenty of appetite for the country’s LNG in the Asia-Pacific region
14 May 2024
The former CEO of Pioneer, Scott Sheffield, has opened a can of worms through his association with OPEC+ and its market management strategy
13 May 2024
OPEC+ has huge amounts of spare capacity amid a tightening market, but nothing can be taken for granted given unclear economic trajectories and geopolitical unrest
13 May 2024
But optimism about island nation checked by competition around African upstream investment and history of false dawns