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.
