The equipment hire company has a client roster that includes QGC, Woodside Petroleum and Chevron Corporation and works on the Ichthys and Wheatstone LNG projects, along with mining and government infrastructure. 

 

The company said the new move would position it on a sound financial footing to pursue growth and acquisitions, and sees long-term growth in the resources sector. 

 

The recapitalisation has been agreed to by all shareholders and 97% of lenders. 

 

It will be implemented though unanimous consent of its lenders or by a scheme of arrangement that would close by mid-November. 

 

The recapitalisation means that Onsite will have a material reduction in debt, new senior facilities of $30 million, an extension of existing debt maturities with no material maturities over the coming four years and all TLB and Revolver debt will be treated equally and on a pro-rata basis. 

 

"We have strong alignment between shareholders, lenders and senior management to pursue our growth agenda," CEO Mike Fourer said. 

 

Onsite says it will invest further in its fleet and pursue growth, thoguh it needed to raise US$320 million in 2014, and was subsequently downgraded by S&P due to the decline in resource construction activity.