Ocean Rig prepays $100 million on senior secured term loan facility

By Sarah Lizee

Olympia, Wash., March 21 – Ocean Rig UDW Inc. prepaid $100 million of its $450 million senior secured term loan facility, according to a press release.

The facility bears interest at 8% per annum and matures on Sept. 20, 2024.

Following the prepayment, the total outstanding borrowings under the term loan was reduced to $350 million.

“Ocean Rig has the ‘best-in-class’ balance sheet and as a result we decided to take advantage of our ability to repay $100 million of the term loan at par, thereby reducing our interest obligations over the remaining term of the loan by $52 million, without compromising our financial flexibility over the business cycle,” Pankaj Khanna, president and chief executive officer, said in the release.

Ocean Rig is a deepwater driller based in Nicosia, Cyprus.

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