Friday 13 December 2024
Select a region
Business

Mourant Ozannes raises funds for FTSE 250 company

Mourant Ozannes raises funds for FTSE 250 company

Tuesday 07 January 2014

Mourant Ozannes raises funds for FTSE 250 company

Tuesday 07 January 2014


Offshore law firm Mourant Ozannes has acted for Premier Oil plc, the FTSE 250 listed international oil and gas exploration and production company, on the Jersey aspects of its recent fundraisings.

Their work included issuing a retail bond under its new £500 million euro medium term note programme. The fundraising will enable Premier Oil to develop existing, discovered reserves as well as explore for new sites in a range of locations, such as the North Sea, Indonesia, Vietnam and the Falkland Islands.

The retail bond offering targeted small investors, with a minimum of £2,000 to invest, and raised a greater than expected £150 million, closing a day early due to high demand. The bonds are listed on the London Stock Exchange's Order Book for Retail Bonds, which was set up especially for small investors to trade in bonds. The bonds yield 5%, making them attractive to savers, and are due to mature in 2020. The bonds were guaranteed by certain of the Group's operating subsidiaries, including Premier Oil Finance (Jersey) Limited.

The Mourant Ozannes team comprised of partner James Hill and counsel Ian O'Meara worked alongside Premier Oil's English counsel Slaughter and May. Commenting on the transaction James Hill said: "We are delighted to have been able to assist Premier Oil with the Jersey aspects of their recent debut retail bond issue and congratulate them on the success of the transaction".

Sign up to newsletter

 

The latest in Petty Debts

Comments

Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.

You have landed on the Bailiwick Express website, however it appears you are based in . Would you like to stay on the site, or visit the site?