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.
