EnQuest plc has signed a new senior secured borrowing base debt facility for $750 million (£531 million) to refinance the Golden Eagle acquisition in the Central North Sea.
The new facility is for $600 million with an additional $150 million for letters of credit for up to seven years.
EnQuest said it would allow the company to simplify its existing capital structure and finance the acquisition of a 26.69% interest in the Golden Eagle assets.
Chief financial officer Jonathan Swinney said he was delighted to have agreed the new facility.
“It enables the refinancing and simplification of our existing capital structure and the acquisition of the Golden Eagle assets which will add material value, production and reserves to EnQuest.
“I would like to thank our lead banks, BNP Paribas and DNB, together with all of the lenders, for their support and I look forward to working with them.”