Oil explorer and developer Premier Oil (PMO) has published the full details of its new retail corporate bond that is now open for investor subscription for an intial minimum investment of £2,000. The bond will pay a semi-annual coupon of 5 per cent and has a maturity of 7 years until 11 Dec 2020 (ISIN: XS0997703250). The company will look to raise a similar amount to the £145m amount raised by the EnQuest bond launch earlier this year.
Premier Oil is going through the process of diversifying and reorganising its funding this year. The company will start to face some big bills over the coming years as production from its various North Sea assets comes onstream, while its bank debt is due for negotiation in 2015. The bond offer closes on December 6.
