PGS is restructuring its balance sheet through an offer to exchange notes due in 2018 and a NOK1.9bn (c. $225m) equity private placement: The notes due in 2018 ($450m) can be repaid at 95% of the face value for 50% of the amount, the other 50% is exchanged with notes due in December 2020 with a 7.375% coupon (the same as current notes). The 2018 notes had a 15% discount. The capital increase was fully subscribed at NOK22.5 per share (a 2% discount to yesterday’s closing price). The proc
23 Nov 2016
Restructuring the balance sheet on favourable terms
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Restructuring the balance sheet on favourable terms
PGS is restructuring its balance sheet through an offer to exchange notes due in 2018 and a NOK1.9bn (c. $225m) equity private placement: The notes due in 2018 ($450m) can be repaid at 95% of the face value for 50% of the amount, the other 50% is exchanged with notes due in December 2020 with a 7.375% coupon (the same as current notes). The 2018 notes had a 15% discount. The capital increase was fully subscribed at NOK22.5 per share (a 2% discount to yesterday’s closing price). The proc