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SECURITIES DESCRIBED HEREIN.
Odfjell Drilling: Fixed income investor meetings and update on bank refinancing
Odfjell Drilling Ltd. (“Odfjell Drilling” or the “Company”, OSE: ODL) has
mandated DNB Markets as Global Coordinator, and Danske Bank, SpareBank 1
Markets, ABG Sundal Collier and Fearnley Securities as Joint Lead Managers, to
arrange a series of fixed income investor calls commencing 9 May 2023.
A 5-year senior secured first lien bond issue (rated by S&P and Moody’s) of USD
390 million and secured by the rigs Deepsea Atlantic and Deepsea Aberdeen may
follow, subject to inter alia market conditions. Net proceeds from the bond
issue will be used to refinance existing debt and for general corporate
The Company has received bank commitments for amendment and extension of the USD
197 million term loan for Deepsea Nordkapp (maturity in 2029). Further, the
Company has agreed terms for a USD 160 million revolving credit facility (RCF)
and a USD 125 million term loan for Deepsea Stavanger (both maturing in 2028).
The RCF is fully committed, whereas half the term loan is credit approved and
the remaining half is investment committee approved subject to completion of
formal credit process. All commitments are subject to final documentation, as
customary. Together with proceeds from the contemplated bond issue, the bank
facilities will refinance all of the Company’s outstanding debt. Closing is
targeted in Q2 2023.
For further queries, please contact:
Investor Relations Officer
+44 (0) 7393 766 446
London, United Kingdom
8 May 2023 Odfjell Drilling Ltd
Important Notice: These materials do not constitute or form a part of any offer
of securities for sale or a solicitation of an offer to purchase securities of
Odfjell Drilling Ltd. in the United States or any other jurisdiction. The
securities of the Company may not be offered or sold in the United States absent
registration or an exemption from registration under the U.S. Securities Act of
1933, as amended (the “U.S. Securities Act”). The securities of the Company have
not been, and will not be, registered under the U.S. Securities Act. Any sale in
the United States of the securities mentioned in this communication will be made
solely to “qualified institutional buyers” as defined in Rule 144A under the
U.S. Securities Act and “major U.S. institutional investors” as defined in SEC
Rule 15a-6 to the United States Exchange Act of 1934. No public offering of the
securities will be made in the United States.
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directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation or other investors pursuant to applicable exemptions
from preparing a prospectus pursuant to the EU Prospectus Regulation. The
expression “EU Prospectus Regulation” means Regulation (EU) 2017/1129 of the
European Parliament and of the Council of 14 June 2017 (together with any
applicable implementing measures in any Member State).
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directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
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and must not be acted on or relied on by persons who are not Relevant Persons.
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