PGS has agreed with the majority of its lenders on refinancing loans, but the company has not yet secured a large enough majority and is working to obtain sufficient support. The company writes this Friday morning.
PGS has so far received support from only 62 percent of creditors in a TLB loan of 520 million dollars, and 81 percent of the creditors in a revolving credit facility of 350 million dollars. PGS has full support from the creditors in the export credit of approximately $ 300 million.
Internal approval is required in the various loans and agreement on the documents. PGS is currently missing this.
The seismic company writes that if it does not receive support in the coming weeks, the company has reached an agreement with the lenders to seek implementation through alternative restructuring solutions legally.
PGS and the creditors have agreed to defer installments on a loan of $ 135 million until September in two years. This loan is due today, Friday.
It has been agreed that there will be no maturity of any debt or planned write-offs of debt before September in two years. There are also some easing in the requirements for the seismic company. PGS warns that there will be updates when the company knows more. PGS will issue an unsecured convertible bond of 116.2 million. The conversion rate is three kroner.
Just over a month ago, the competitor TGS submitted a bid of NOK 5.3 billion, or $ 600 million, for PGS ‘multi-client library.
In comparison, the value of the seismic library was booked at 565 million dollars in the second quarter.
A little week later, however, PGS declined the offer.