Petrofac increases fundraising target amid ongoing restructuring efforts

(Sharecast News) - Energy services firm Petrofac increased its planned equity raise from $194.0m to $224.0m on Monday, taking its total restructuring plans to an estimated cost of $355.0m.

Petrofac stated a convening hearing was scheduled for 28 February, and a sanction hearing was set for 26 March, with the group expecting its restructuring to become effective by 31 March.

On completion of its restructuring, existing Petrofac shareholders were expected to receive 2.2% of the firm's total share capital, down from the 2.5% outlined previously.

However, support of the restructuring plan by bondholders increased by 16.7% to 73.7% as Petrofac also said it had secured agreements from "financial investors" for the release of $80.0m in cash to support a performance bond for a key engineering and construction contract.

As of 0945 GMT, Petrofac shares were down 3.50% at 6.90p.

Reporting by Iain Gilbert at Sharecast.com