Ocean Rig $150 million eight-year notes talked at 8½%-8¾%, to price Thursday

By Paul A. Harris

St. Louis, June 21 - Ocean Rig Norway AS talked its $150 million offering of eight-year senior secured second-lien notes (B3/B-) at 8½% to 8¾% on Tuesday, according to an informed source.

Pricing is expected on Thursday.

Morgan Stanley is the bookrunner for the Rule 144A for life notes. DNB is the co-manager.

The notes come with four years of call protection.

Proceeds will be used to refinance existing debt.

The company 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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