Linklaters advises Petrofac on Capital Raise and Refinancing Plan
Linklaters has advised Petrofac Limited, a leading international services provider to the energy industry, on a proposed equity capital raise and refinancing plan to create a long-term, sustainable capital structure.
The capital raise and refinancing plan comprises a US$275 million fully underwritten firm placing and placing and open offer of new shares, a US$500 million bridge financing facility expected to be replaced or refinanced by way of a public bond issuance (which was launched alongside the equity raise), a US$180 million new revolving credit facility, an AED$185 million (US$50 million) new bilaterial facility and an amendment of a US$50 million existing bilateral term loan facility.
The capital raise and refinancing follows the resolution of an SFO investigation into the Company on 4 October 2021 and proceeds of the transaction will be used to pay the associated penalty and repay existing indebtedness. The conclusion of the SFO investigation and completion of the capital raise and refinancing is expected to unlock significant opportunities for Petrofac.
Petrofac is a leading provider of services to the global energy industry, with a 40-year track record of designing, building, managing, and maintaining energy infrastructure. The company has particular expertise in engineering, procurement and construction of major facilities for the oil & gas and renewables sectors, in addition to a strong operations and maintenance focused business operating in the UK North Sea and internationally.
The Linklaters team was led by Corporate partners Owen Clay, Tom Thorne and Mike Bienenfeld, Banking partner James Martin and High Yield partner Mark Hageman.