4th Jun 2015 06:22
LONDON (Alliance News) - Petrofac Ltd Thursday said it has amended and extended its USD1.2 billion five-year revolving credit facility, which will now run until June 2020 at lower margins and commitment fees than its original facility.
The facility also has two one-year extension options, subject to approval by the lenders.
Petrofac said the lending group remains substantially the same as that which participated in the original 2012 financing. The Bank of Tokyo-Mitsubishi UFJ and Barclays Bank acted as joint coordinators for the facility, which is for general corporate purposes.
"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," Petrofac Chief Financial Officer Tim Weller said.
By Steve McGrath; [email protected]; @stevemcgrath1
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