Debt Financing

Long Term Credit Lines and Interest Bearing Debt  Nominal Amount as of December 31, 2017 Total Credit Line Financial Covenants
USD 400.0 million Term Loan ("TLB"), Libor (minimum 0.75%) + 250 basis points, due 2021 USD 385.0 million   None, but incurrence test: total leverage ratio ≤ 3.00x*
Revolving credit facility ("RCF"), due 2020
Libor + margin of 325-625 bps (linked to TLR) + utilization fee
USD 190.0 million USD 400.0** million Maintenance covenant: total leverage ratio 4.75x Q4-17, 4.25x Q1-18, thereafter reduced by 0.25x each quarter to 2.75x by Q3-19
Japanese ECF, 12 year with semi-annual installments. 50% fixed/ 50% floating interest rate USD 416.5 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*
December 2018 Senior Notes, coupon of 7.375%  USD 26.0 million    
*Carve out for drawings under ECF and RCF.
** Reducing to USD 350 million in September 2018.

Credit Rating

PGS has official ratings from Moody’s Investor Services (Moody’s) and Standard & Poor’s Rating Services (S&P).

Rating agency Date of rating Rating Outlook
Moody’s  March 13, 2018 B3 Stable
S&P January 11, 2017 CCC+ Stable

For credit rating definitions, please see link for Moody’s and link for S&P.