Debt Financing

Long Term Credit Lines and Interest Bearing Debt  Nominal Amount as of December 31, 2016 Total Credit Line Financial Covenants
USD 400.0 million Term Loan ("TLB"), Libor (minimum 0.75%) + 250 basis points, due 2021 USD 389.0 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 ≤ 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 374.4 million USD 465.6 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% USD 26 million    
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.
** 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.