Reference is made to the announcement issued on May 4, 2022 regarding the Private Placement and the Subsequent Offering. The Private Placement is, among other things, subject to the Company obtaining commitments to the satisfaction of the Company for approximately $50 million in new, senior secured debt by the time of the Extraordinary General Meeting (“EGM”) scheduled for May 27, 2022.
PGS has now obtained commitments for $50 million in new, senior secured debt on terms and conditions acceptable to the Company, and this condition is satisfied. Completion of the Private Placement and the Subsequent Offering remain subject to the other conditions previously announced by PGS, including approval by the EGM.
The new senior secured debt has a maturity together with the Company’s Term Loan B, in March 2024 and can be drawn at any time before September 18, 2022. It will bear interest at SOFR (Secured Overnight Financing Rate) plus a margin of 675 basis points. The Company will pay customary commitment fees and expenses.
