Ocean Rig launches $821 million add-on term loan B-1 at 101

By Sara Rosenberg

New York, Jan. 23 - Ocean Rig (Drillships Financing Holding Inc.) launched on Thursday its $821 million add-on to its term loan B-1 due in 2021 at a premium of 101, according to a market source.

Pricing on the B-1 loan is Libor plus 500 basis points with a 1% Libor floor.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Barclays and Goldman Sachs Bank USA are the lead banks on the deal.

Proceeds will be used to repay the company's term loan B-2 loan due in 2016.

Ocean Rig is a Nicosia, Cyprus-based international offshore drilling contractor.

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