Pacific Drilling kondigt wijzigingen kredietfaciliteiten aan
LUXEMBURG–(BUSINESS WIRE)– Pacific Drilling S.A. (NYSE: PACD) heeft vandaag bekendgemaakt dat het een akkoord heeft bereikt met een groep banken, zodat het bepaalde wijzigingen kan doorvoeren aan zijn doorlopende kredietfaciliteit (RFC) van 500 miljoen dollar en preferente, gedekte kredietfaciliteit (SSCF) van 1 miljard dollar.
De wijzigingen maken een einde aan de overeenkomst over de verhoudingscijfers van eigen en vreemd vermogen met betrekking tot het hefboomeffect die gelden voor de kwartalen eindigend op 31 maart 2017 en 30 juni 2017. Het testniveau voor de maximale schuld per vaartuig wordt in dezelfde kwartalen gewijzigd naar 400 miljoen dollar. Als gevolg van de wijziging aan de SSCF wordt ook de afspraak over de verhouding tussen leningen en waarde bij de taxatie van 30 juni 2017 nietig. De wijzigingen aan de RCF beperken het bedrijf gedurende deze amendementen ook in zijn mogelijkheden tot verstrekking van pandrechten, herfinanciering van bestaande schulden en veranderingen aan bepaalde voorwaarden voor bestaande schulden.
Pacific Drilling Announces Amendment to its Credit Facilities |
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LUXEMBOURG–(BUSINESS WIRE)– Pacific Drilling S.A. (NYSE: PACD) today announced that it has reached agreement with its banking group to make certain amendments to its $500 million revolving credit facility (“RCF”) and $1.0 billion senior secured credit facility (“SSCF”). The amendments waive the leverage ratio covenant for the fiscal quarters ending March 31, 2017 and June 30, 2017, and amend the maximum net debt per vessel test level to $400 million for these quarters. Additionally, the amendment to the SSCF waives the loan to value covenant on the next valuation date, June 30, 2017. The amendment to the RCF also restricts the company’s ability to grant additional liens, to refinance certain existing indebtedness, and to change certain terms of existing debt during the waiver period. In consideration, the company permanently repaid $25 million under the RCF and applied $31.7 million of cash collateral already pledged to the SSCF lenders in August 2016 against the next principal installments due under the SSCF in May 2017. Concurrently with the execution of the amendments, in accordance with its obligation to maintain the loan to rig value covenant in the SSCF at the required level as at December 31, 2016, the company made a $76 million prepayment of the SSCF. CFO Paul Reese commented, “We are pleased to have secured these waivers and amendments, which we believe is a strong indication of our banks’ support for the company, and should provide sufficient time to reach agreement with all our stakeholders regarding an appropriate capital structure for the company.” About Pacific Drilling With its best-in-class drillships and highly experienced team, Pacific Drilling is committed to becoming the industry’s preferred high-specification, floating-rig drilling contractor. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com. Forward-Looking Statements Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve certain risks and uncertainties, many of which are beyond our control. Important factors that could cause actual results to differ materially from our expectations include: the global oil and gas market and its impact on demand for our services; the offshore drilling market, including reduced capital expenditures by our clients; changes in worldwide oil and gas supply and demand; rig availability and supply and demand for high-specification drillships and other drilling rigs competing with our fleet; costs related to stacking of rigs; our ability to enter into and negotiate favorable terms for new drilling contracts or extensions; our substantial level of indebtedness; possible cancellation, renegotiation termination or suspension of drilling contracts as a result of market changes or other reasons; and the other risk factors described in our filings with the SEC, including our Annual Report on Form 20-F and Current Reports on Form 6-K, which are available through the Company’s website at www.pacificdrilling.com or through the SEC’s website at www.sec.gov. View source version on businesswire.com: http://www.businesswire.com/news/home/20170123006157/en/ Contacts Pacific Drilling S.A. |
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