According to the company’s website press release on April 21, 2023, Petrofac is pleased to announce that it has entered into agreements to extend US$252 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 20242.
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) US$252 million represents 90% of the facilities existing at 31 December 2022, with proportionate reductions made in all three facilities from the effective date.
(2) At 31 December 2022, the Group’s external borrowing facilities included an US$180 million revolving credit facility, of which US$124 million was drawn, and two fully drawn term loans, each of US$50 million.
