Seadrill reaches agreement in principle to amend $2.8 billion term B

By Sarah Lizee

Olympia, Wash., Jan. 31 – Seadrill Partners LLC said it an agreement in principle with lenders representing about 50% of amounts outstanding related to certain amendments to its $2.8 billion term loan B credit facility.

Consent of lenders representing greater than 50% of term loan B amounts outstanding and secured lending banks representing greater than 66 2/3% of amounts outstanding in each of the company's three secured bank facilities are required to complete the agreement.

The company deferred its fourth quarter 2017 distribution decision pending completion of the agreement.

Hamilton, Bermuda-based Seadrill owns and operates offshore drilling rigs.

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