PGS ASA received commitments for a four-year term loan B in a minimum principal amount of USD 489 million and an extension of USD 215 million of its revolving credit facility by three years from its current expiry date in September 2020. The refinancing will address upcoming maturities by: Extension of at least approximately USD 339 million of the existing USD 377 million four-year term loan B from the current maturity in March 2021 to March 2024; USD 150 million of incremental four-year term loan B with same maturity and terms as the extended four-year term loan B; Extension of USD 215 million of the revolving credit facility to September 2023 The Company has received four-year term loan B and revolving credit facility commitments of USD 489 million and USD 215 million respectively, subject to completion of an equity raise of at least USD 75 million and other customary closing conditions. The Refinancing is expected to be completed concurrently with the closing of the Private Placement. The four-year term loan B has a floating interest at Libor + a basic margin grid of 600-700 basis points depending on the Company's leverage ratio, which corresponds to an interest rate of 7.60-8.60% if current 4-year Swap interest rate is applied.