Debt Financing
Debt Financing
Long-Term Credit Lines and Interest Bearing Debt | Nominal Amount as of July 1, 2024 | Financial Covenants |
---|---|---|
Revovlig Credit Facility, SOFR + 3.0% Facility size USD 150 million maturing April 28, 2026 + USD 100 million maturing October 1, 2025 | USD 128.5 million |
The condition* below is only tested if Liquidity (as defined in the RCF) on the relevant testing date is below USD 100 million: - Equity Ratio > 50 percent |
Japanese Export Credit Financing | USD 109.6 million | |
Senior Notes, coupon 13.5%, due 2027 | USD 450 million | Leverage ratio** ≤ 3.0x, stepping down to 2.5x March 31, 2025 Minimum liquidity of USD 50m** (free and unrestricted cash and available undrawn committed facilities) |
* Apply to legacy TGS Group
** Apply to legacy PGS Group: Net interest-bearing debt to last twelve months IFRS EBITDA
Corporate Credit Rating**
Rating agency | Date of rating | Rating | Outlook |
---|---|---|---|
Moody’s | September 26, 2024 | Ba3 | Stable |
S&P** | September 22, 2023 |
B- | CreditWatch Positive |
** Corporate credit rating is for legacy PGS Group
Instrument rating of $450 million Senior Notes
Rating agency | Date of rating | Rating | Outlook |
---|---|---|---|
Moody’s | September 26, 2024 | Ba3 | Stable |
S&P | September 22, 2023 |
B | CreditWatch Positive |
Financial Accounts
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