Show submenu
11.07.2017

Odfjell Drilling Ltd.: Amendment and extension of Deepsea Bergen facility


Odfjell Rig II Ltd., a subsidiary of Odfjell Drilling Ltd. and rig owner of Deepsea Bergen, has today received a firm offer from its bank syndicate to amend and extend its senior secured term loan facility.

At closing of the amendment, which is expected ultimo August 2017, the facility amount will be USD 66 million following the originally scheduled repayment of USD 14 million in August. Scheduled instalments under the amended and extended facility will thereafter be USD 6 million in December 2017, USD 3.5 million in September 2018, USD 3.5 million in December 2018 and USD 7 million quarterly thereafter. A balloon of USD 4 million shall be paid together with the final instalment.

An initial cash collateral will be established as security for the facility. The cash collateral is reducing and is expected to be USD 13 million at year-end 2017 and shall be further reduced from Q1 2019.

Maturity of the facility will be 30 September 2020, subject to termination options for the lenders if the borrower, first time 12 months after closing and quarterly thereafter, is unable to document necessary backlog for Deepsea Bergen.

Interest shall be payable at LIBOR plus 3.95%. Financial covenants apply at Odfjell Drilling group level and are identical as for other facilities in the group.

 

For further information, please contact: 

IR contact:

Eirik Knudsen, VP Corporate Finance & Investor Relations
e-mail: eikn@odfjelldrilling.com
Mobile: +47 934 59 173

Hamilton, Bermuda
10 July 2017
Odfjell Drilling Ltd.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.