Petrofac Agrees Revolving Credit Facility

RNS Number : 0831M

Petrofac Limited

12 September 2012

 



Press Release

12 September 2012

PETROFAC LIMITED

PETROFAC AGREES REVOLVING CREDIT FACILITY

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 utilisation.

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."

Ends

For further information contact:

TulchanCommunications                                        [phone]

Stephen Malthouse

Martin Robinson

[e-mail]

Notes to Editors

Petrofac

Petrofac is a leading international service provider to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC). 

Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its customers' needs across the full life cycle of oil & gas assets.

With around 17,200 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.

For additional information, please refer to the Petrofac website at www.petrofac.com.

 

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