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Ocean Rig withdraws $500 million notes offering, upsizes term loan
By Paul A. Harris
Portland, Ore., July 17 – Ocean Rig UDW Inc. pulled its $500 million offering of eight-year senior secured notes (B2/B+) from the market, electing to raise those proceeds by upsizing its term loan by $500 million, according to market sources.
The loan increased to $1.3 billion from $800 million.
Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and ABN Amro had been the leads on the notes offer which was in the market via subsidiaries Drillships Ocean Ventures Inc. and Drillships Ventures Projects Inc.
As with the term loan, proceeds from the notes were to be used to repay the company’s existing $1.35 billion term loan in full.
Deepwater driller Ocean Rig is a majority owned subsidiary of DryShips Inc., which is based in Nicosia, Cyprus.
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