• 2023 July 23 13:08

  PGS secures commitments for $75M term loan facility

  

  PGS ASA and/or its subsidiaries (“PGS” or the “Company”) has secured commitments for a separate $75 million term loan facility to partly refinance its existing March 2024 Term Loan B maturity, PGS said.
  
  PGS refinanced earlier this year leaving $138 million of the existing Term Loan B to be repaid in March 2024, which the Company expects to be manageable with available liquidity reserve and cash flow generation. However, to further increase the liquidity headroom and financial robustness, the Company has secured commitments for a separate $75 million term loan facility to partly refinance the existing March 2024 Term Loan B maturity.
  
  Interest rate of the new term loan is in line with the existing Term Loan B (SOFR + 7.0%, compared to LIBOR + 7.0% currently). The new term loan will share the same security as the Company’s $450 million bonds and the existing Term Loan B. Subject to customary conditions, the new term loan will be drawn in Q3 2023 with net proceeds used for debt repayment. The new term loan has the following main terms:
  
  Original principal amount $75 million
  To be issued at 95% of par value (OID)
  Interest rate of SOFR + 7.00%. Quarterly interest payments
  Quarterly amortization of 6.25% of the original principal amount starting June 30, 2024
  Final maturity December 15, 2026
  
  The new term loan has a prepayment premium if prepaid before June 2024 and can be prepaid at par thereafter. This is aligned with PGS deleveraging strategy and allows early repayment without incurring additional cost.
  The financial covenants of the new term loan are aligned with the requirements of the $450 million bonds.
  
  The new $75 million term loan is provided by Sculptor Capital Management and Värde Partners.
  
  “We refinanced earlier this year deliberately leaving $138 million of our Term Loan B to be repaid in March 2024. According to our estimates we can manage this repayment with our liquidity reserve and the cash flow we expect to generate over the next quarters. However, to further increase the liquidity headroom in our financial planning and create financial flexibility I am very pleased that we have secured this commitment. It also shows strong support from two of our anchor creditors,” says President & CEO Rune Olav Pedersen.

---

2024 November 2

18:06	Singapore’s first fully electric cargo vessel wins Green Ship Award at SRS Forum
17:20	VTTI looks to buy into LNG terminals in Asia
16:48	Hudong-Zhonghua Shipbuilding signs contracts for 12 large container ships in the past 10 days
16:32	CHIMBUSCO secures its first LNG refueling service in Europe
15:46	SLB OneSubsea awarded subsea boosting contract for bp’s Kaskida project in Gulf of Mexico
15:24	Wilson Sons to start construction of three new eco-friendly tugboats in 2025
14:57	Rem Offshore holds keel laying ceremony for REM Pioneer
12:30	World's first conversion of large container ship to run on methanol successfully completed
11:52	New offshore platform taps into potential of heavy-oil reserves in China
11:24	HRDD completes desulphurization tower system conversion for a PCTC
09:48	TOWT launches its first cargo sailing ship in Le Havre

2024 November 1

18:00	Marlink to deploy Sealink NextGen hybrid solution on 26 tankers for Transpetro
17:38	Austal Australia delivers 8th Evolved Cape-class Patrol Boat to Royal Australian Navy
17:23	Acteon and Applied Fiber enter MoU to collaborate on mooring solutions
16:54	KOTUG International and Maritalia S.A. secure major marine services contract for bp’s Greater Tortue Ahmeyim gas project
16:24	BW LPG takes delivery of vessel BW Chinook from Avance Gas
15:44	HD Hyundai may nearly double shipbuilding capacity in Vietnam
15:24	Samsung Heavy Industries secures $390 mln contract for four Suezmax tankers
14:36	EU imposes duties on unfairly subsidised electric vehicles from China
14:23	Port of Montreal workers at two terminals start new strike
13:41	Chinese ports container volume rises 7.7 % from January to September of 2024
13:22	MOL, COSCO Co-host 6th Shanghai International LNG Shipping Forum
12:43	Global schedule reliability drops to 51.4% in September 2024
12:22	GTT secures technical services contract with Maran Tankers for eight LNG Dual-Fuel Suezmax vessels
11:45	MSC inks up $2.1bn container ship at the reborn shipyard Rongsheng Heavy Industries
11:28	China's first 'smart factory' for offshore oil, gas equipment fully operational
10:43	Yanmar completes land-based demonstration testing of a hydrogen engine for power generation in coastal vessels
10:23	Samsung Heavy wins W358 bln LNG ship order in Asia
09:58	EU greenhouse gas emissions fell by over 8% in 2023

2024 October 31

18:00	MAN receives multiple orders for MAN B&W G95ME-LGIM Mk 10.5 methanol engines to power a series of VLCV
17:23	The Marechal Duque de Caxias platform ship starts producing in the pre-salt layer
17:06	IWS Seawalker CSOV makes it 1000 ship designs from Kongsberg Maritime
16:45	“K” Line Wind Service and Japan Marine United sign agreement for Phase 2 of NEDO’s Green Innovation Fund Project
16:04	Wärtsilä introduces its innovative NextDF feature for the Wärtsilä 25DF dual-fuel engine
15:45	MOL plans to change charter contract for vessels related to Russia business
15:44	MABUX: Bunker price trends in the world's four largest hubs, Oct 8 - Nov 1, 2024
15:23	HHLA raises expectations for fiscal year 2024
14:59	Major fire extinguished at UK nuclear submarine yard
14:16	AD Ports Group and Somali Ministry of Fisheries & Blue Economy sign MoU for maritime sector development
13:44	Maersk reports Q3 results
12:43	UECC orders four advanced multi-fuel battery hybrid pure car and truck carriers from China Merchants Jinling Shipyard Nanjing
11:39	Japanese сonsortium produces design concept for eco-friendly VLCC
11:12	TMC Compressors bags contract to supply four LNG carriers
10:46	Panama Canal operating costs down 5% in FY2024
09:29	HIF Global and Antarctica21 promote sustainable tourism with e-Fuels

2024 October 30

18:00	East Java Multipurpose Terminal partners with Sinarmas LDA Usaha Pelabuhan
17:22	Container traffic at Iranian ports up 5% in the first half of the current Iranian calendar year
17:06	CIMC SOE delivers second 7,600 cbm LNG bunkering vessel to Seaspan Energy
16:42	Klaveness Combination Carriers makes first move into wind with bound4blue eSAIL system on CABU III newbuild
16:23	Transport workers' strike in Argentina to affect port operations
15:59	South Korea's seaport container cargo up 3.5 pct in Q3
15:46	Stena Line marks significant milestones in build of NewMax ships, Stena Futura and Stena Connecta
14:55	DNV and LR grant AiP to HD Hyundai Heavy Industries for ammonia duel-fuel large container vessel
14:45	Jiaxing Port adds a new sea-river intermodal operation area
13:32	Maersk signs long-term methanol sourcing deal
13:08	MOL and Pyxis sign Collaboration Agreement for development and market expansion of electric vessels in Singapore and Japan
12:40	AD Ports Group and the General Department of Vietnam Customs sign MoU
12:21	TE H2, CIP, and A.P. Møller Capital Partner for a large-scale project in the Kingdom of Morocco
11:40	ClassNK issues AiP for Autonomous Navigation Assistance System developed by Samsung Heavy Industries
11:20	MacGregor launches Carbon Calculator
10:55	Russian seaports in Q3, 2024: Infographics and Analytics
10:30	World's first ammonia-fuel dual-fuel bulk carrier begins construction
10:09	Erik Thun launches the next-generation Lake Vanern Max vessel
09:03	SCHOTTEL receives an order to supply azimuth thrusters for four new escort tugs for Saltchuk Marine

2024 October 29

18:00	The U.S. Environmental Protection Agency announces selections for nearly $3 bln of investments in Clean Ports
17:34	Asyaport becomes first Turkish port to provide shore power to container ships
17:00	Port of Los Angeles awarded $412 million grant from U.S. EPA for zero-emission transformation
16:42	Oil spill occurred during bunkering operations at the Port of Singapore
16:10	World’s first electric hydrofoil ferry line takes off in Stockholm
15:46	Wallenius Wilhelmsen signs five-year, $766 million deal