Petrofac gets extension on senior note forbearance agreement

23rd Aug 2024 11:35

(Sharecast News) - Energy services company Petrofac announced an extension of its existing forbearance agreement for the non-payment of interest on its senior secured notes on Friday.

The London-listed firm said the extension pushed the deadline from 23 August to 20 September.

It said the forbearance agreement, backed by an ad-hoc group of noteholders representing about 47% of the outstanding senior secured notes, along with other participating noteholders, ensured that no legal action would be taken regarding the missed payment until the new deadline.

The extension provided Petrofac with additional time to advance its financial restructuring efforts.

Petrofac said it would provide further updates as the situation developed.

At 1131 BST, shares in Petrofac were up 1.06% at 15.94p.

Reporting by Josh White for Sharecast.com.