Norway’s PGS shakes up covenants

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.

  • 20 May 2010

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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 15,256 32 16.83
2 Bank of America Merrill Lynch (BAML) 10,179 30 11.23
3 Citi 9,751 23 10.76
4 Lloyds Bank 7,329 24 8.09
5 JP Morgan 6,580 10 7.26

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 RBC Capital Markets 251.51 1 25.00%
1 MUFG 251.51 1 25.00%
1 Credit Agricole CIB 251.51 1 25.00%
1 Bank of America Merrill Lynch 251.51 1 25.00%
Subtotal 1,006.02 1 100.00%