Premier Oil's creditors approved the merger in November last year.
“Shareholder approval for the Transaction has now been received,” said Premier, which will be renamed Harbour Energy but maintain its London listing.
Creditors of Premier, which has net debt of US$1.9 billion, will receive US$1.2 billion in cash under the merger and debt restructuring plan from a new debt facility and existing cash from both groups.
This on average represents a payout of around 61 cents for each dollar owed, the prospectus said. They can also elect to receive further shares representing up to 18% of the new group, or a cash alternative bringing the payout to around 75 cents.
Premier said the creditor vote is expected on 22 February.
“As previously announced, the requisite level of Premier’s creditors have irrevocably undertaken to vote in favour of the restructuring plans,” it said.
Read the latest issue of Oilfield Technology in full for free: Oilfield Technology's November/December 2020 issue
The November/December issue of Oilfield Technology begins by reviewing the state of the North Sea before moving on to cover a range of topics, including Drilling Technologies, Deepwater Operations, Flow Control.
Contributors come from Varel Energy Solutions, Gyrodata, Clariant Oil Services, Drillmec and many more.
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/12012021/premier-oil-shareholders-vote-for-merger-with-chrysaor/
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