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    Chrysaor completes takeover of UK Premier

Summary

The deal had been expected to close March 31.

by: William Powell

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Chrysaor completes takeover of UK Premier

Private Chrysaor Holdings completed its all-share takeover of UK Premier and reorganised the producer's existing debt and cross-currency swaps March 31 as planned. The new company is now known as Harbour Energy with immediate effect.

At completion, the shares in Harbour Energy plc were owned by EIG Global Energy Partners (36%); former EIG shareholders (33%); former Premier creditors (18%); Chrysaor legacy investors (8%); and former Premier shareholders (5%).

EIG Global Energy Partners’ shares in Harbour Energy plc are subject to a 12 month lock up from March 31.  Shares held by certain former EIG shareholders and certain Chrysaor legacy investors, representing about 40% of Harbour Energy, are subject to a six month lock up from the same date.

About 23% of Harbour Energy’s shares, comprising those held by former Premier shareholders and creditors, certain former EIG shareholders and certain Chrysaor legacy investors, are not subject to any lock ups.