Petrofac extends forbearance deal on senior secured notes

Petrofac announced an extension to its forbearance agreement regarding the non-payment of the interest coupon on its senior secured notes on Monday.

The London-listed firm said the deadline for the agreement had been moved from 18 October to 15 November.

It said the agreement involved an ad hoc group of noteholders representing around 47% of the outstanding senior secured notes, alongside other acceding noteholders.

The company said its board and management were still engaging with creditors, key clients, and stakeholders to finalise the terms of a proposed financial restructure.

Petrofac said it aimed to announce a lock-up agreement with the final terms in the coming weeks.

As previously announced, the company explained that it was closely managing its financial obligations, including its revolving credit facility and term loans, which were due to mature on 25 October.

Petrofac said it did not expect to make payments on those facilities by their maturity date.

At 0809 BST, shares in Petrofac were up 0.19% at 12.92p.

Reporting by Josh White for Sharecast.com.