Drillships Ocean Ventures to launch $800 million term B on Tuesday

By Sara Rosenberg

New York, July 2 – Drillships Ocean Ventures Inc. (Ocean Rig) is set to hold a bank meeting at 3 p.m. ET in New York on Tuesday to launch an $800 million senior secured term loan B, according to a market source.

Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.

The loan includes a total leverage ratio of 5.5 times stepping down to 5 times.

Proceeds will be used to refinance existing secured debt.

Other funds for the refinancing will come from an expected notes offering, the source added.

Based in Nicosia, Cyprus, Drillships is a subsidiary of Ocean Rig UDW Inc., a Greece-based international offshore drilling contractor.

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