Ocean Rig debt refinancing expected to include new notes offering

By Paul A. Harris

Portland, Ore., July 2 – Ocean Rig plans to make an offering of new notes as part its plan to refinance senior secured debt, according to a market source.

That plan also includes a new $800 million term loan B.

The loan, via subsidiary Drillships Ocean Ventures Inc., will be led by Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC and is scheduled to launch at a July 8 bank meeting.

Ocean Rig is a Nicosia, Cyprus-based deepwater drilling services provider.

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