Petrofac Creditors Agree to Convert Majority of Debt Into Equity [Financial Post (Toronto, Ontario, Canada)]
PETROFAC LTD UNSP/ADR (POFCY)
NASDAQ:AMEX Investor Relations:
petrofac.com/en-gb/investors
Company Research
Source: Financial Post
into equity, significantly diluting existing shareholders, according to a statement on Friday. Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Petrofac Ltd has reached a preliminary agreement with some of its key stakeholders that will see creditors convert a majority of the firm's debt into equity, significantly diluting existing shareholders, according to a statement on Friday. Under the proposal, Petrofac will get new long-term funding underwritten by an ad hoc group of senior secured noteholders, plus an equity injection from new and existing investors to boost liquidity, the energy services company said. The deal is not binding and still subject to certain terms and conditions. Petrofac expects to announce a lock-up agreement with final terms in the coming weeks. The in-principle agreement was reached with stakeholders, including a group of senior secured noteholders representing about
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