PGS private placement fully subscribedCompany News // November 24, 2016
Referring to a stock exchange release of 22 November, regarding a contemplated private placement of new shares in the company, PGS says the private placement was fully subscribed, raising gross proceeds of approximately NKr 1.9 billion (approximately US$225 million) through a placement of 85,500,00 new shares at a subscription price of NKr 22.50 per share. The placement was substantially over-subscribed.
The proceeds will be used primarily to finance an inter-conditional exchange offer for the company's existing 7.375% Senior Notes due December 2018. The exchange offer was launched concurrently with the placement.