EuropeFinance and InsuranceOffshore

PGS initiates $675m refinancing

Norwegian offshore survey service provider PGS has initiated a refinancing program seeking to raise about $675m in total.

The company plans to raise $525m in a 5-year first lien term loan and another 5.5-year $150m of second lien debt.

The proceeds will be used to repay the company’s existing $380m term loan maturing in March 2021 and $212m senior notes maturing in December 2020, and to reduce drawings under its revolving credit facility that are currently outstanding.

Final terms and amounts will be decided following a book building process and the transactions are expected to close by mid June.

Additionally, PGS has secured a 4.5 years commitment for a $250m extension of the company’s current $350m revolving credit facility.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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