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Ocean Rig UDW ends Q1 with $4.4 billion of debt, eyes refinancing of debt due in 2017
By Lisa Kerner
Charlotte, N.C., May 23 - Ocean Rig UDW Inc. ended the first quarter on March 31 with cash of $728 million and debt of about $4.4 billion
The Nicosia, Cypress-based offshore drilling contractor's next significant debt maturity is its $800 million of 6.5% senior notes in 2017.
Ocean Rig will most likely refinance those notes in October of 2015, said executive vice president Anthony Kandylidis during the company's earnings conference call on Friday.
In February, Ocean Rig refinanced a short-term tranche of its term B loan. The entire $1.9 billion term loan B facility will not mature earlier than the third quarter of 2020.
Kandylidis said the company was pleased with the successful May 13 refinancing of its 9½% notes due 2016 with $500 million of new 7¼% notes maturing in April of 2019. The refinancing resulted in a significant reduction to Ocean Rig's 2016 maturities and increased its weighted average maturity to 5.1 years.
Ocean Rig is also looking to fund $447 million of capital expenditures in 2015 and 2016 with a combination of new debt and cash.
Financial highlights
For the first quarter, Ocean Rig reported a net loss of $1.5 million, or a loss of one cent per basic and diluted share.
This compares to net income of $6.4 million, or $0.05 per basic and diluted share, for the three-month period ended March 31, 2013, according to the earnings news release.
Adjusted EBITDA was $172.2 million for the period, up from $104.7 million for the first quarter of 2013.
Revenues from drilling contracts increased by $114.4 million to $360.8 million.
Interest and finance costs, net of interest income, totaled $86.1 million for the first quarter, compared to $31.4 million for the year-ago period.
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