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Moody's rates Petroleum Geo-Services notes Ba3
Moody's Investors Service said it assigned a Ba3 rating to Petroleum Geo-Services ASA's $746 million senior unsecured notes due 2010 and $250 million due 2006.
Moody's also assigned an SGL-2 speculative grade liquidity rating.
In connection with Petroleum Geo-Services' emergence from bankruptcy in November 2003, the company's then-existing bank debt and outstanding senior notes were canceled and exchanged for a combination of $996 million of new senior notes, a new term loan in the amount of $4.8 million, which was subsequently repaid in May 2004, 12.2 million new ordinary shares, $85 million from a rights offering to the then-current shareholders and the right to receive approximately $40.6 million in excess cash, which was distributed to creditors in December 2003 and May 2004.
Moody's said the company's ratings reflect the progress it has made post-bankruptcy, including the appointment of new management, a more focused business strategy, greater discipline with respect to the multi-client side of its business and more conservative financial policies.
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