Ocean Rig to pay down $487.5 million under loan with notes proceeds

By Tali David

Minneapolis, Sept. 6 - Ocean Rig UDW Inc. plans to fully repay all $487.5 million of outstanding debt under its $1.04 billion senior secured credit facility with the proceeds of subsidiary Drill Rigs Holdings Inc.'s planned offering of $750 million of senior secured notes due 2017, according to a press release.

The company will also use proceeds to finance offshore drilling rigs and pay all associated fees and expenses.

Ocean Rig provides offshore deepwater drilling services and is based in Nicosia, Cyprus. It is a subsidiary of Athens-based DryShips Inc.

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