Petrofac is pleased to announce the successful completion and signing of a new US$1.2 billion syndicated five-year revolving credit facility. Barclays and Standard Chartered acted as coordinators for the facility.
The facility is for general corporate purposes. Drawings under the facility are priced at between 150 and 200 basis points above Libor dependent on the level of utilization.
The transaction was syndicated on a targeted basis among the Company's existing relationship banks and a small number of new relationship banks and, given the significant level of oversubscription, was increased from the US$1 billion initially sought.
Tim Weller, Chief Financial Officer, commented: "We are very pleased with the commitment shown by our relationship banks which has enabled us to increase the facility beyond our initial expectations. We expect Petrofac to continue to maintain a strong capital structure and the new facility will provide us with financing flexibility going forward."