Petrofac Limited: Update on financial restructuring
23 Enero 2025 - 10:09AM
EQS Regulatory News
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Petrofac Limited ( PFC)
Petrofac Limited: Update on financial restructuring
23-Jan-2025 / 16:09 GMT/BST
23
January 2025 UPDATE ON FINANCIAL
RESTRUCTURING
Further to its announcement on 22
December detailing that the Group had entered into a binding
Lock-Up agreement with certain key stakeholders on a comprehensive
financial restructuring plan, the Company continues to make good
progress with the inter-conditional terms of the transaction. The
following updates are
provided:
- The Consent Solicitation to amend
the agreement governing the Notes, has received significant support
well in excess of the 50% required, with c.85% of Bondholders
supporting. The consent solicitation is a key element of the
restructuring, and it is therefore expected that Bondholders who
have consented to the change in governing law will support the
restructuring.
- More than 70% of Bondholders have
now committed to support the restructuring plan by acceding to the
Lock-Up agreement. This represents an increase of c. 13% since the
launch of the restructuring and constitutes over half of the
secured creditor class. Discussions with other secured creditors
continue, with the company expecting further accessions in the
coming
weeks.
- The Group has successfully reached
a settlement agreement, effective on restructuring, in relation to
a key historical claim detailed in its 22 December announcement.
Work to compromise or settle other historical and actual claims
continues in line with the restructuring
plan.
- In order to allow time to satisfy
a remaining condition precedent of the Lock-Up Agreement, the Group
has, in consultation with key creditors and clients, adjusted the
restructuring timetable by four weeks, as follows: Convening
Hearing – 25 February 2025; Sanction Hearing – 26 March 2025;
Restructuring Effective Date – on or around 31 March
2025.
The Company will continue to
update stakeholders as appropriate in line with its disclosure
obligations, including provision of dates for the forthcoming
Prospectus release, General and Creditor
Meetings.
ENDS
For
further information contact:
Petrofac
Limited
+44
(0) 207 811 4900
Lynette Otiti, Senior Manager,
Investor Relations
Lynette.otiti@petrofac.com
Sophie Reid, Group Director of
Communications
Sophie.reid@petrofac.com
Teneo (for
Petrofac)
+44
(0) 207 353 4200
petrofac@teneo.com
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 four values - driven, agile,
respectful and open - 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 8,000 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
Dissemination of a Regulatory Announcement, transmitted by EQS
Group.
The issuer is solely responsible for the content of this
announcement.
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