Petrofac Creditors Agree to Convert Majority of Debt Into Equity [BNN Bloomberg (Canada)]
PETROFAC LTD UNSP/ADR (POFCY)
NASDAQ:AMEX Investor Relations:
petrofac.com/en-gb/investors
Company Research
Source: BNN Bloomberg
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 47% of the outstanding notes and some clients with engineering and construction contracts, the company said. It is still in discussions with its bank lenders and its two largest shareholders, which hold about 34% of the ordinary shares. The agreement also looks to amend deals with some clients to protect key contracts in the group's backlog, according to the statement. With the proposed restructuring, Petrofac is hoping to “strengthen its balance sheet” and provide a
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