Petrofac takes opportunity to extend credit facility with improved terms

Petrofac, a provider of oilfield services to the international oil and gas industry, has announced the amendment and extension of its syndicated five-year revolving credit facility, effective today, June 4, 2015. 

According to Petrofac, the facility size remains unchanged at $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.

The company says that 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.

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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