Premier Oil shareholders on Tuesday voted in favor of a reverse takeover of private equity-backed Chrysaor to create the British North Sea's biggest oil and gas producer in which Premier shareholders will hold about 5.5%.
"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 $1.9 billion, will receive $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 favor of the restructuring plans," it said.
(Reporting by Shadia Nasralla Editing by David Goodman, Kirsten Donovan)
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