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2021-11-01

Petrofac Limited: Pricing of US$600,000,000 Aggregate Principal Amount of Senior Secured Notes Due 2026

Petrofac Limited ( PFC)
Petrofac Limited: Pricing of US$600,000,000 Aggregate Principal Amount of Senior Secured Notes Due 2026

01-Nov-2021 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


Press Release

 

 

1 November 2021

 

 

NOT FOR DISTRIBUTION OR RELEASE IN OR INTO ANY JURISDICTION IN WHICH OFFERS OR SALES OF SECURITIES WOULD BE PROHIBITED BY APPLICABLE LAW.

 

Announcement of the Pricing of US$600,000,000 Aggregate Principal Amount of Senior Secured Notes Due 2026

 

Petrofac Limited (the "Company" or "Petrofac") today announces the successful pricing of its offering of US$600,000,000 aggregate principal amount of 9.75% senior secured notes due 2026 (the "Temporary Notes") by a newly-formed financing entity, Pyrenees Bondco Limited (the "Issuer"). The offering of the Temporary Notes is subject to customary closing conditions, and settlement is expected to occur on or around  9 November 2021.

 

Concurrently with the closing of the offering of the Temporary Notes, and pending consummation of the proposed firm placing, placing and open offer of new ordinary shares in the Company to raise gross proceeds of approximately US$275,000,000 (the "Capital Raise") and the satisfaction of certain other conditions, the Initial Purchasers (being Goldman Sachs International, J.P. Morgan Securities plc, NatWest Markets Securities Inc. and First Abu Dhabi Bank PJSC) will deposit the gross proceeds of the offering of the Temporary Notes (which have an issue price of 99.028%) into an escrow account.

 

On the date of admission of new shares pursuant to the Capital Raise, all of the funds held in the escrow account will be released to the Issuer and all of the Temporary Notes will be automatically exchanged (the "Exchange") for an equal aggregate principal amount of 9.75% senior secured notes due 2026 issued by Petrofac Limited (the "Senior Secured Notes").

 

The issue of the Temporary Notes is part of a wider refinancing plan (the "Refinancing Plan") comprising the Capital Raise, a new US$180 million revolving credit facility, a new AED185 million (US$50 million) bilateral facility and amendment of an existing US$50 million bilateral term loan facility. The proceeds of the Refinancing Plan, alongside available cash reserves, will be used to pay, in January and February 2022, the US$106 million (£77 million) penalty imposed in relation to the SFO investigation and to repay existing indebtedness. These actions will extend Petrofac's debt maturities and strengthen the Company's platform to execute its strategy.

 

The effectiveness of the Refinancing Plan is contingent on completion of the Capital Raise, which is conditional on, among other things, the passing of the shareholder resolutions by shareholders in the Company at a General Meeting, which is scheduled to take place at 10:00 a.m. on 12 November 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 Director of Communications and Sustainability

alison.flynn@petrofac.com

 

The person responsible for arranging the release of this announcement on behalf of Petrofac is Alison Broughton, Secretary to the Board.

 

Tulchan Communications Group

+44 (0) 207 353 4200

petrofac@tulchangroup.com

 

Martin Robinson

petrofac@tulchangroup.com

 

Goldman Sachs

+44 (0) 207 774 1000

 

Bertie Whitehead

Chris Pilot

Tom Hartley

 

J.P. Morgan

 +44 (0)20 7742 4000

 

Edmund Byers

Barry Weir

Författare EQS Newswire