Debt Financing
| Long Term Credit Lines and Interest Bearing Debt | Nominal Amount as of June 30, 2017 | Total Credit Line | Financial Covenants |
| USD 400.0 million Term Loan ("TLB"), Libor (minimum 0.75%) + 250 basis points, due 2021 | USD 387.0 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 225.0 million | USD 400.0** million | Maintenance covenant: total leverage ratio ≤ 5.50x, to Q2-17, 5.25x Q3-17, 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 440.1 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* |
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| 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 | December 23, 2016 | Caa2 | Stable |
| S&P | January 11, 2017 | CCC+ | Stable |
For credit rating definitions, please see link for Moody’s and link for S&P.