Debt Financing

Long-Term Credit Lines and Interest Bearing Debt Nominal Amount as of July 1, 2024 Financial Covenants
Revovlig Credit Facility, SOFR + 3.0% Facility size USD 150 million maturing April 28, 2026 + USD 100 million maturing October 1, 2025

USD 128.5 million

The conditions* below are only tested if Liquidity (as defined in the RCF) on the relevant testing date is below USD 100 million:

- Equity Ratio > 50 percent
- Leverage Ratio: Net interest-bearing debt/EBITDA for relevant period must be at or below 1.00
- Liquidity: The Liquidity of the group at all times must be at least USD 75 million
- Operational Capex: EBITDA minus Operational Capex must be above zero
Japanese Export Credit Financing USD 109.6 million
Senior Notes, coupon 13.5%, due 2027 USD 450 million Leverage ratio** ≤ 3.0x, stepping down to 2.5x March 31, 2025
Minimum liquidity of USD 50m** (free and unrestricted cash and available undrawn committed facilities)

* Apply to legacy TGS Group
** Apply to legacy PGS Group: Net interest-bearing debt to last twelve months IFRS EBITDA 

Corporate Credit Rating**

Rating agency Date of rating Rating Outlook
Moody’s September 26, 2024 Ba3 Stable
S&P**

September 22, 2023

 B- CreditWatch Positive 

** Corporate credit rating is for legacy PGS Group

Instrument rating of $450 million Senior Notes

Rating agency Date of rating Rating Outlook
Moody’s September 26, 2024 Ba3 Stable
S&P

September 22, 2023

 B CreditWatch Positive 

Financial Accounts

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