EnQuest looks to tap investors

By PERRY GOURLEY
Published on 25/01/2013 00:00

EnQuest, the largest independent producer in the North Sea, has become the first oil and gas company to look to raise cash from retail bond investors.

Although no specific target has been set, it is thought the firm is looking to raise in the order of £100 million in the offer.

EnQuest chief executive Amjad Bseisu said the bond would diversify its funding base and “complement our already strong balance sheet”. The bond will pay a fixed gross rate of interest of 5.5 per cent per annum until 2022.

The minimum initial subscription is £2,000 and the offer period will run until 8 February although it could close earlier depending on demand.

The launch of a trading facility in London last year opened the bond market to retail investors.