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TGS ASA Announces Pricing of Senior Secured Notes Offering
I går kl. 21:05 ∙ Global Newswire
OSLO, Norway (20th November 2024) -- TGS ASA ("TGS" or the "Company"), a global leader in energy data and intelligence, today announced that it has priced its offering (the "Offering") of $550 million aggregate principal amount of 8.50% Senior Secured Notes due 2030 (the "Notes") at a price equal to 100.0% of the aggregate principal amount thereof. Interest will be payable semi-annually.

In connection with the Offering, the Company has also announced that it has entered into new super senior secured credit facilities, which include (i) a revolving credit facility permitting borrowings of up to $150 million, (ii) one or more guarantee facilities, which may be utilized by way of issue of letters of credit, bank guarantees and bid and performance bonds of up to $20 million (which may be expanded up to $30 million under certain circumstances) and (iii) an amortizing
delayed draw term loan of $45 million (the "New Term Loan A").

The Company intends to use the proceeds from the Offering, together with cash on hand and restricted cash and borrowings under the New Term Loan A, (i) to redeem the entire outstanding amount of the 13.50% senior secured bonds due 2027 issued by Petroleum Geo-Services AS (the "2027 Bonds"), (ii) to repay the Company's existing revolving credit facility, (iii) to repay the Company's export credit financing loans, and (iv) to pay fees, costs, premiums and expenses incurred in connection therewith.

The Offering is expected to close on or about 3rd December 2024, subject to customary conditions precedent for similar transactions. In connection with the Offering, the initial purchasers may engage in stabilizing transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail. Any stabilization action must be conducted in accordance with all applicable laws and rules.

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