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4 Jun 2015 07:00
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Press Release
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4 June 2015
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PETROFAC LIMITED
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PETROFAC EXTENDS REVOLVING CREDIT FACILITY
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Petrofac is pleased to announce the successful amendment and extension of its syndicated five-year revolving credit facility, effective today. The facility size remains unchanged at US$1.2 billion and the maturity will now run to June 2020, with two one-year extension options subject to approval by the lenders. The facility is available for general corporate purposes.
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The lending group remains substantially the same as that which participated in the original 2012 financing. The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Barclays Bank plc acted as Joint Coordinators for the facility.
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Tim Weller, Chief Financial Officer, commented: "We have taken the opportunity to extend the facility given the favourable market conditions, which has resulted in lower margins and commitment fees as well as a number of improvements to the terms and conditions. We are very pleased to extend the agreement with our existing bank group and welcome the new banks into the relationship."
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Ends
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For further information contact:
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Alison Flynn
Head of Media Relations
Petrofac
Alison.flynn@petrofac.com +44 (0) 20 7811 4913
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Petrofac Investor Relations
Jonathan Low
Jonathan Edwards
IR@petrofac.com +44 (0) 20 7811 4900
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Tulchan Communications Group Ltd
Stephen Malthouse
Martin Robinson
petrofac@tulchangroup.com +44 (0) 20 7353 4200
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Notes to Editors
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Petrofac is a leading international service provider to the oil & gas production and processing industry, with a diverse client portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).
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Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its clients' needs across the full life cycle of oil & gas assets.
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With around 20,000 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.
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For additional information, please refer to the Petrofac website at www.petrofac.com.β
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