July 3, 2007
Geo-Services ASA closes on a new $950 million Senior Secured Credit Facility consisting of an eight-year $600 million Term Loan B and a five-year $350 million Revolving Credit Facility.
On July 2, Willkie client Petroleum Geo-Services ASA announced that it had closed on a new $950 million Senior Secured Credit Facility. The Facility consists of an eight-year $600 million Term Loan B and a five-year $350 million Revolving Credit Facility. The proceeds are being used to refinance existing indebtedness, and to fund an acquisition and special dividend to shareholders. Operating worldwide from its headquarters in Lysaker, Norway, PGS provides a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The transaction was handled by partners Jeffrey Poss and Cornelius Finnegan, and associates Jeffrey Goldfarb and Sarah Schandler.
