Ocean Rig Norway to start roadshow Thursday for $150 million eight-year notes

By Paul A. Harris

St. Louis, June 14 - Ocean Rig Norway AS will begin a roadshow Thursday on the U.S. West Coast for its $150 million offering of eight-year senior secured second-lien notes (B3/B-), according to an informed source.

The roadshow moves to the Midwest on Friday. Pricing is expected late in the week of June 20.

Morgan Stanley has the books for the Rule 144A for life offering. DNB is the co-manager.

The notes will come with four years of call protection.

Proceeds will be used to refinance existing debt.

The prospective issuer is an owner-operator of drilling rigs used for the offshore exploration and development of oil and gas fields and has headquarters in Oslo, Norway.

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