Premier Oil reassures market over its loan position

8th Nov 2016 13:05

(ShareCast News) - Premier Oil said on Tuesday that it has received assurances that none of its senior lenders - including Lloyds Bank - have exited, or are proposing to exit, their loan position.Premier said discussions with the various lending groups on its proposed refinancing continue to progress towards a near-term agreement of all parties."Premier retained significant cash and undrawn facilities of around $800m at 30 June 2016 and continues to have access to undrawn headroom under its main facility, with the agreement of its banks."The statement came as the stock tanked following a Reuters report that more lenders are selling out of the oil company's syndicated loans as it struggles to complete a key refinancing that will amend loan covenants and extend maturities beyond late 2017.At 1438 GMT, Premier shares were down 11.4% to 52.25p.