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PETROFAC LIMITED Petrofac Limited: US$700 million facility extension agreed

Directive transparence : information réglementée

07/04/2021 13:47

Petrofac Limited ( PFC)
Petrofac Limited: US$700 million facility extension agreed

07-Apr-2021 / 12:47 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


Press Release

 

7 April 2021

 

US$700 MILLION FACILITY EXTENSIONS AGREED

 

Petrofac ("Petrofac" or the "Group") is pleased to announce that it has extended US$700 million of its banking facilities, at its request, with the unanimous support of lenders.  These extensions comprise a US$610 million extension of its existing revolving credit facility to 2 June 2022, with an option to extend for a further six months (1), and a US$90 million extension of its bilateral term facility with Abu Dhabi Commercial Bank to 1 April 2022 (2).  The increase in margin on these facilities reflects market conditions and remains competitive.  Existing financial covenants remain unchanged and will be tested on a quarterly basis. In line with our liquidity policy, the extended revolving credit facility includes a minimum liquidity covenant of US$100 million.  The revised facilities of US$700 million represent a reduction in facility size of US$450 million, in line with business requirements and reflecting the Group's transition to a capital light business model.  Both facilities were due to be repaid or prepaid on or before 2 June 2021.     

 

The extension of these facilities, together with the issue of £300 million in commercial paper under the Covid Corporate Financing Facility in February 2021, preserve the Group's strong liquidity position which was US$1.3 billion at 31 March (before the reduction in facility size announced in this release).  The Group expects to report net debt of US$116 million as at 31 December 2020, better than expectations, and continues to target eliminating net debt as market conditions and contract awards recover.

 

 

NOTES

  1. The option to extend the revolving credit facility to 2 December 2022 is subject to the approval of lenders and is up to a maximum of US$550 million.
  2. The Abu Dhabi Commercial Bank facility included a prepayment obligation on 31 March 2021.

 

 

ENDS

 

 

For further information contact:

 

Petrofac Limited 

+44 (0) 207 811 4900

 

Jonathan Yarr, Head of Investor Relations

jonathan.yarr@petrofac.com

 

Alison Flynn, Group Head of Communications

alison.flynn@petrofac.com

 

Tulchan Communications Group

+44 (0) 207 353 4200

petrofac@tulchangroup.com

 

Martin Robinson

 

 

NOTES TO EDITORS

Petrofac

 

Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including many of the world's leading energy companies.

 

Petrofac designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure. Our purpose is to enable our clients to meet the world's evolving energy needs. Our six values - safe; ethical; innovative; responsive; quality & cost conscious; driven to deliver - are at the heart of everything we do.

 

Petrofac's core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where we have built a long and successful track record of safe, reliable and innovative execution, underpinned by a cost effective and local delivery model with a strong focus on in-country value. We operate in several other significant markets, including India, South East Asia and the United States. We have 10,700 employees based across 31 offices globally.

 

Petrofac is quoted on the London Stock Exchange (symbol: PFC).  

 

For additional information, please refer to the Petrofac website at www.petrofac.com  

 

 

 



ISIN: GB00B0H2K534
Category Code: MSCM
TIDM: PFC
LEI Code: 2138004624W8CKCSJ177
Sequence No.: 97636
EQS News ID: 1181938

 
End of Announcement EQS News Service

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