Debt Financing

Long Term Credit Lines and Interest Bearing Debt  Nominal Amount as of September 30, 2019 Total Credit Line Financial Covenants
USD 400.0 million Term Loan ("TLB"), Libor (minimum 0.75%) + 250 basis points, due March 2021 USD 378.0 million   None, but incurrence test: total leverage ratio ≤ 3.00x*
Revolving credit facility ("RCF"), due September 2020
Libor + margin of 325-625 bps (linked to TLR) + utilization fee
USD 170.0 million USD 350.0 million Maintenance covenant: total leverage ratio  ≤2.75x*
Japanese ECF, 12 year with semi-annual installments. 50% fixed/ 50% floating interest rate USD 333.7 million   None, but incurrence test for loan 3&4: Total leverage ratio ≤ 3.00x* and Interest coverage ratio ≥ 2.0x*
December 2020 Senior Notes, coupon of 7.375% USD 212.0 million    None, but incurrence test: Interest coverage ratio
≥ 2.0x*
*Carve out for drawings under ECF and RCF.

Credit Rating

PGS has official ratings from Moody’s Investor Services (Moody’s) and FitchRatings (Fitch).

Rating agency Date of rating Rating Outlook
Moody’s  March 13, 2018 B3 Stable
Fitch October 26, 2018 B- Stable

For credit rating definitions, please see link for Moody’s.