Hedge Fund ARCM to Sell $200 Million of Premier Oil Debt

Premier Oil’s biggest lender, hedge fund Asia Research and Capital Management (ARCM), plans to auction $200 million of the energy producer’s debt ahead of a $530 million equity raise by the company, three sources told Reuters, Reuters reported. ARCM, which holds more than 15% of Premier’s debt instruments, would retain about $240 million of the company’s debt if the auction succeeds. The bid deadline is set for Friday, one of the sources said. With net debt of close to $2 billion, Premier is seeking $530 million in fresh equity and needs at least $325 million for its creditors to extend current debt maturities. A source with knowledge of the matter told Reuters on Friday that the company had received indicative, non-binding support in excess of a targeted $325 million for the capital increase. Read more