By Paul A. Harris
St. Louis, June 23 - Ocean Rig Norway AS priced $150 million of eight-year senior secured second-lien notes (B3/B-) at par to yield 8 3/8%, according to a syndicate source.
The yield came on top of the 8 3/8% price talk, which had been inwardly revised from 8½% to 8¾%.
Morgan Stanley ran the books for the Rule 144A for life issue. DNB was the co-manager.
Proceeds will be used to refinance existing debt.
The Oslo, Norway, company is an owner-operator of drilling rigs used for the offshore exploration and development of oil and gas fields.
| Issuer: | Ocean Rig Norway AS
|
| Amount: | $150 million
|
| Maturity: | July 1, 2013
|
| Security description: | Senior secured second-lien notes
|
| Bookrunner: | Morgan Stanley
|
| Co-manager: | DNB
|
| Coupon: | 8 3/8%
|
| Price: | Par
|
| Yield: | 8 3/8%
|
| Spread: | 441 basis points
|
| Call features: | Callable after July 1, 2009 at 104.188, 102.094, par on and after July 1, 2011
|
| Equity clawback: | Until July 1, 2008 for up to 35% at 108.375
|
| Trade date: | June 23
|
| Settlement date: | July 28
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price talk: | 8 3/8% (revised from 8½%-8¾%)
|
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