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Chrysaor gets listing with Premier deal

The private equity-backed producer accesses London market without having to attempt an IPO

Chrysaor, the North Sea producer backed by the Harbour Energy subsidiary of private equity (PE) firm EIG, will combine with debt-laden Premier Oil in a reverse takeover that retains the latter’s stock market listing to create the largest independent in the London market. The deal will leave Harbour with a 39pc stake in the combined business but with the opportunity to monetise its investment without the need for an IPO or trade sale. Premier had been seeking to refinance its $2.7bn debt and raise funds for an acquisition of BP’s stakes in the Andrew and Shearwater fields. That transaction is now off, while Chrysaor will pay off £1.23bn of debt and repay $400mn in Letters of Credit (LCs). I

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