That bond is due to mature in October, at which point, the full amount plus interest (at 3.4%) will need to be paid back.
The FTSE 250 group, which is still under investigation by the UK’s Serious Fraud Office in connection with a probe into Monaco-based Unaoil, said the new facilities will provide additional liquidity and reduce utilisation of its existing revolving credit facility.
“This financing is in line with the company's strategy to pre-fund expected liquidity requirements for at least the next 12 months, including maturity of Petrofac's US$677mln 3.40% bond in October 2018,” according to a short stock exchange announcement on Monday.
At the end of July, Petrofac sold off almost half of its Mexico operations for up to US$274mln; cash which it said would also go towards paying down its debts.
In a separate announcement, Petrofac said it had been awarded a US$370mln contract by the Basra Oil Company for the expansion of the central processing facility at the Majnoon field in Southern Iraq.
Under the 34-month contract, the lump-sum engineering, procurement and construction project scope of work includes two oil processing trains which are able to process two hundred thousand barrels of oil per day.
Shares jumped 3.3% on the back of the news to 641.8p in late-afternoon trading Monday.
--Adds news on contract award and updates share price--