Petrofac raises £ 200million to pay SFO corruption fine – Daily Business


Petrofac fined following SFO investigation

Petrofac, the Aberdeen-based oil services company, is raising £ 200million ($ 275million) in a placement and public offer that will pay its recent fine for bribery offenses.

The issue price of the 173.5 million new shares is 115 pence. This is a 27.2% discount from the 158p closing price on October 25th.

The capital increase is part of a larger refinancing plan announced today, including a $ 500 million bridge financing facility that is expected to be replaced or refinanced through a government bond issue, which is expected to be replaced or refinanced through a government bond issue. be launched later today. There is also a new $ 180 million revolving credit facility.

The proceeds of the capital increase will be used, alongside the refinancing plan and available cash reserves, to pay the penalty of $ 106 million (£ 77 million) imposed as part of the SFO investigation and to repay existing debts.

Earlier this month, the company admitted it had failed to prevent former executives from paying bribes to win contracts in the Middle East.

Ayman Asfari

Ayman Asfari: invest $ 38 million in fundraising

He said today’s actions will lengthen Petrofac’s debt maturities and strengthen the company’s platform to execute its strategy.

The capital increase will involve a placement of $ 138 million (£ 100.2 million) and a placement and open offer of $ 137 million (£ 99.4 million).

Ayman Asfari has irrevocably pledged to invest at least $ 38 million in fundraising and to vote in favor of the corresponding resolutions at the general meeting.

All the directors have undertaken to invest in the capital increase at the issue price.

Petrofac Chairman René Médori said: “The support of all our shareholders and creditors for the refinancing plan will provide the company with a stable platform from which to grow and look to the future with confidence. I salute the continued support of our largest shareholder and board member Ayman Asfari as Petrofac moves on to the next chapter in its history. “

Sami Iskander, Managing Director of the Petrofac Group, said: “Petrofac has a tremendous opportunity over the coming years to grow and re-establish itself as one of the world’s leading providers of essential services to the energy industry. .


“After a quieter period during the pandemic, we are seeing activity in our markets increase significantly at a time when the full potential of our business has been unleashed – in recent years we have refocused on compliance, rebased our cost competitiveness, and now we are re-energized under a new team and a new strategy.

“Completing the financing will cement a fantastic platform from which I am confident we will deliver significant shareholder value over the next several years. “

Mr. Asfari said: “I am delighted to support today’s fundraiser which, after more than four difficult years, puts the company squarely back on the road to recovery. I look forward to Sami and his management team restoring Petrofac to its greatest potential. “

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