Debt Financing
| Long Term Credit Lines and Interest Bearing Debt | Nominal Amount as of September 30, 2018 | Total Credit Line | Financial Covenants |
| USD 400.0 million Term Loan ("TLB"), Libor (minimum 0.75%) + 250 basis points, due 2021 | USD 382.0 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 235.0 million | USD 350.0 million | Maintenance covenant: total leverage ratio 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 380.9 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 | None |
*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.