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OOLP Maritime World News > Global Maritime News > PGS seals refinancing deal – Splash247
Global Maritime News

PGS seals refinancing deal – Splash247

Last updated: 2023/03/19 at 5:34 PM
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PGS

Norwegian offshore seismic acquisition specialist PGS has placed a new $450m senior secured bond with a four-year tenor, which, together with cash on hand, the company plans to use to repay its $600m loan due in March 2024.

The Oslo-listed company said it expects the transaction to be completed at the end of March this year, adding that it would materially improve its debt maturity profile while still allowing flexibility to pursue its deleveraging strategy without incurring excessive costs.

ā€œThe offshore seismic market is in strong recovery as multiple years of underinvestment in oil and gas exploration and development, combined with a materially changed energy security situation, drive a strong increase of E&P spending,ā€ PGS said in a filing.

After the transaction, $138m of the term loan in question will remain outstanding and be repaid at par value from cash flow and liquidity sources. The $50m super senior loan maturing in March 2024 remains in place and may be extended by one year at PGS’ discretion or alternatively be replaced by a revolving credit and guarantee facility of up to $75m, the company added.

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The bonds placed will carry a fixed interest of 13.5%, while the interest on the remaining portion of the $600m loan is expected to be reduced by about 1% as a result of improved credit ratings and lower leverage. DNB Bank’s DNB Markets and Pareto Securities acted as joint bookrunners.

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admin March 19, 2023
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