GGS Bond Starts a Resurgence of Capital Raising

A recurring theme of this year is the ease with which the offshore sector can raise capital even in this difficult market. The last two weeks have been no exception. During the first week of November, Petroleum Geo-Services ASA announced an offering of $300 million senior unsecured notes due in 2018, which would be guaranteed on a senior basis by certain of the company’s subsidiaries. The notes were priced a week later with a coupon of 7.375% and issued at 98.638% to yield 7.477%.

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