Norway’s PGS shakes up covenants

20 May 2010

Norwegian company Petroleum Geo-Services (PGS), which helps oil and gas companies with offshore exploration, has amended about $950m of senior loans, changing their leverage ratio calculations and paying banks 50bp in the process.

The affected lines are a $570m term loan ‘B’ (which was signed as a $600m deal) and a $350m revolver. The amendment fee will cost the company around $7m, it said.

The margins on the two facilities, both signed in 2007, have not changed, with the five year revolver ...

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