EuropeFinance and InsuranceOffshore

Fugro pulls plug on €500m fundraiser

Dutch seismic and subsea services firm Fugro has decided not to proceed with a €500m ($552.7m) offering of senior secured notes, citing adverse market conditions.

Fugro announced the fundraiser on February 21, and planned to use proceeds (along with proceeds from recent divestments) to repay a €575m revolving credit facility and buy back all of the €190m convertible bonds due in 2021.

Due to the offering not going ahead, Fugro said the current €575 million facility will remain in place and the repurchase of the bonds due 2021 will not take place at the moment.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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