Petrofac Limited: USUSD700 million facility extension agreed (1181938)

Petrofac Limited ( PFC) 
Petrofac Limited: USUSD700 million facility extension agreed 
07-Apr-2021 / 12:47 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 
(MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
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Press Release 
 
7 April 2021 
 
USUSD700 MILLION FACILITY EXTENSIONS AGREED 
 
Petrofac ("Petrofac" or the "Group") is pleased to announce that it has extended USUSD700 million of its banking 
facilities, at its request, with the unanimous support of lenders.  These extensions comprise a USUSD610 million 
extension of its existing revolving credit facility to 2 June 2022, with an option to extend for a further six months 
(1), and a USUSD90 million extension of its bilateral term facility with Abu Dhabi Commercial Bank to 1 April 2022 (2). 
The increase in margin on these facilities reflects market conditions and remains competitive.  Existing financial 
covenants remain unchanged and will be tested on a quarterly basis. In line with our liquidity policy, the extended 
revolving credit facility includes a minimum liquidity covenant of USUSD100 million.  The revised facilities of USUSD700 
million represent a reduction in facility size of USUSD450 million, in line with business requirements and reflecting the 
Group's transition to a capital light business model.  Both facilities were due to be repaid or prepaid on or before 2 
June 2021. 
 
The extension of these facilities, together with the issue of GBP300 million in commercial paper under the Covid 
Corporate Financing Facility in February 2021, preserve the Group's strong liquidity position which was USUSD1.3 billion 
at 31 March (before the reduction in facility size announced in this release).  The Group expects to report net debt of 
USUSD116 million as at 31 December 2020, better than expectations, and continues to target eliminating net debt as market 
conditions and contract awards recover. 
 
 
NOTES 
 1. The option to extend the revolving credit facility to 2 December 2022 is subject to the approval of lenders and is 
    up to a maximum of USUSD550 million. 
 2. The Abu Dhabi Commercial Bank facility included a prepayment obligation on 31 March 2021. 
 
 
ENDS 
 
 
For further information contact: 
 
Petrofac Limited 
[phone] 
 
Jonathan Yarr, Head of Investor Relations 
[e-mail] 
 
Alison Flynn, Group Head of Communications 
[e-mail] 
 
Tulchan Communications Group 
[phone] 
[e-mail] 
 
Martin Robinson 
 
 
NOTES TO EDITORS 
Petrofac 
 
Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including 
many of the world's leading energy companies. 
 
Petrofac designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure. 
Our purpose is to enable our clients to meet the world's evolving energy needs. Our six values - safe; ethical; 
innovative; responsive; quality & cost conscious; driven to deliver - are at the heart of everything we do. 
 
Petrofac's core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where we have built 
a long and successful track record of safe, reliable and innovative execution, underpinned by a cost effective and 
local delivery model with a strong focus on in-country value. We operate in several other significant markets, 
including India, South East Asia and the United States. We have 10,700 employees based across 31 offices globally. 
 
Petrofac is quoted on the London Stock Exchange (symbol: PFC). 
 
For additional information, please refer to the Petrofac website at www.petrofac.com 
 
 
 
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ISIN:          GB00B0H2K534 
Category Code: MSCM 
TIDM:          PFC 
LEI Code:      2138004624W8CKCSJ177 
Sequence No.:  97636 
EQS News ID:   1181938 
 
End of Announcement  EQS News Service 
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(END) Dow Jones Newswires

April 07, 2021 07:47 ET (11:47 GMT)