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PGS finesses $400M fund-raiser


Published Dec 3, 2007
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Oslo Bourse

Petroleum Geo-Services managers have decided on an issue of $400 million in debt to finance the acquisition of Arrow Seismic, part of this year’s outbreak of survey-industry mergers, acquisitions and fleet growth.

PGS’s financial managers will sell the convertible notes to institutional investors who will turn around and sell them on Oslo Burse as shares, it was understood Monday. Barclays Capital was "sole bookrunner" for the offering and will,make moves to "stabilize" issue pricing if deemed necessary.

Oil company First Calgary recently began the financing of its Algerian development in the same way.

Selling convertible bonds has emerged as a viable way to achieve lump-sum financing in a tightened credit market.

Tags: Petroleum Geo-Services




   

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