Ocean Rig gets commitments for up to $475 million syndicated term loan

By Jennifer Chiou

New York, Jan. 15 – Ocean Rig UDW Inc. announced that it has received firm commitments from lenders for an up to $475 million syndicated secured term loan led by DNB.

According to a news release, proceeds from the loan will be used to partially finance the construction costs of the Ocean Rig Apollo. The facility amount is for the lesser of $475 million and 70% of the fair market value of the drillship.

The five-year loan has a roughly 12-year repayment profile, the release stated.

The syndicate consists of DVB Bank and potentially other commercial lenders as well as the Import-Export Bank of Korea.

Deepwater driller Ocean Rig is a majority owned subsidiary of DryShips Inc., which is based in Nicosia, Cyprus.

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