Petrofac Limited: EXTENSION OF BANK FACILITIES (1613427)
21 April 2023 - 4:00PM
UK Regulatory
Petrofac Limited ( PFC) Petrofac Limited: EXTENSION OF BANK
FACILITIES 21-Apr-2023 / 07:00 GMT/BST
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Petrofac Limited
(the 'Company' or 'Petrofac')
EXTENSION OF BANK FACILITIES Petrofac is pleased to announce
that it has today entered into agreements to extend USUSD252
million1 of its banking facilities.
Petrofac and its lenders have agreed a 12-month extension of the
Revolving Credit Facility ('RCF') and both bilateral bank
facilities to October 2024 2.
The extension terms include a phased amortisation matching the
projected deleveraging of the balance sheet, a waiver of the 31
December 2022 covenants, and the replacement of leverage and
interest cover covenants with minimum EBITDA and liquidity
covenants, which are better suited to the Company's near-term
outlook as it continues to make progress rebuilding the
backlog.
This financing is in line with the Company's strategy to
pre-finance expected liquidity requirements for at least the next
12 months.
Publication of 2022 results
Petrofac will publish its financial results for the year ended
31 December 2022 on Thursday 27 April 2023, 48-hours later than
previously announced.
This slight delay gives the Group and its auditor, EY,
additional time to complete their procedures. No material changes
to the positions set out in the trading update of 12 April 2023 are
expected.
Details for the conference call will be published in advance.
NOTES 1. USUSD252 million represents 90% of the facilities existing
at 31 December 2022, with proportionatereductions made in all three
facilities from the effective date. 2. At 31 December 2022, the
Group's external borrowing facilities included an USUSD180 million
revolvingcredit facility, of which USUSD124 million was drawn, and
two fully drawn term loans, each of USUSD50 million.
ENDS
For further information contact:
Petrofac:
James Boothroyd, Head of Investor Relations
james.boothroyd@petrofac.com
Sophie Reid, Group Head of Communications
sophie.reid@petrofac.com
Teneo (for Petrofac):
+44 (0) 207 353 4200
petrofac@teneo.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 four values - driven, agile, respectful and open
- 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 8,000 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 petrofac.com
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Dissemination of a Regulatory Announcement, transmitted by EQS
Group. The issuer is solely responsible for the content of this
announcement.
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ISIN: GB00B0H2K534
Category Code: MSCM
TIDM: PFC
LEI Code: 2138004624W8CKCSJ177
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 238490
EQS News ID: 1613427
End of Announcement EQS News Service
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