7th Apr 2021 19:56
Petrofac Ltd - Jersey-based provider of oilfield services - Extends USD700 million of its banking facilities, at its request. These extensions comprise a USD610 million extension of its existing revolving credit facility to June 2022, with an option to extend for a further six months, and a USD90 million extension of its bilateral term facility with Abu Dhabi Commercial Bank to April 2022.
The extension of these facilities, together with the issue of USD300 million in commercial paper under the Covid corporate financing facility in February, preserve the companu's strong liquidity position which was USD1.3 billion at the end of March. Petrofac says it expects to report net debt of USD116 million as at the end of 2020, better than expected.
Current stock price: 107.70 pence, up 11% on Wednesday
Year-to-date change: down 22%
By Evelina Grecenko; [email protected]
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