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Petrofac Ltd.’s dollar bonds plummeted on the company’s announcement to raise cash via an asset sale. The company, which has been struggling with loss-making legacy contracts, said that it is in talks with parties for selling a portion of its business portfolio. According to the reports, as of end June 2023, Petrofac has a $162mn revolving credit facility and $90mn term loan coming due in next October, against which it had $253mn of available liquidity. Petrofac added that it will consider other options to boost its short-term liquidity if the asset-sale process fails, with a potential debt restructuring being the last resort.
Petrofac’s 9.75% 2026s dollar bond fell by 10.8 points to 38.9 cents on the dollar.
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