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Premier Oil is a step closer to getting its long-awaited debt refinancing package finalised.

The company, which is one of the largest independent oil producers in the North Sea, has announced that borrowers holding more than 75 per cent of the value of $245m convertible bonds have agreed to vote in favour of amended terms for the debt.

In February Premier Oil agreed the terms of a debt refinancing package that included revised terms for its convertible bonds as well as new terms for its retail bonds and extension of its debt maturities. It had been in talks with its lenders for nearly a year to refinance its debt, which stood at $2.8bn at the end of December.

The company is aiming to complete its refinancing by the end of May.

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