Debt Financing

Long Term Credit Lines and Interest Bearing Debt  Nominal Amount as of September 30, 2016 Total Credit Line Financial Covenants
USD 400.0 million Term Loan ("TLB"), Libor (minimum 0.75%) + 250 basis points, due 2021 USD 390.0 million   None, but incurrence test: total leverage ratio ≤ 3.00x*
Revolving credit facility ("RCF"), due 2018
40% of applicable margin in commitment fee on undrawn amount
Libor + margin of 200-325 bps + utilization fee
USD 160.0 million USD 500.0 million Maintenance covenant: total leverage ratio ≤ 5.50x, to Q1-17, 5.00x Q2-17, 4.50x Q3-17, 3.25x Q4-17, thereafter reduced by 0.25x each quarter to 2.75x by Q2-18
Japanese ECF, 12 year with semi-annual installments. 50% fixed/ 50% floating interest rate USD 386.1 million USD 477.3 million None, but incurrence test for loan 3&4: Total leverage ratio ≤ 3.00x* and Interest coverage ratio ≥ 2.0x*
December 2018 Senior Notes, coupon of 7.375% and callable from 2015 USD 450.0 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 Standard & Poor’s Rating Services (S&P).

Rating agency Date of rating Rating Outlook
Moody’s  March 14, 2016 Caa1 Negative
S&P February 26, 2016 CCC+ Negative

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