Atwood Oceanics obtains $225 million loan

By Sara Rosenberg

New York, April 1 - Atwood Oceanics Inc. obtained a $225 million senior secured credit facility. Nordea Bank Finland, plc acted as lead arranger on the deal.

The facility consists of a $150 million five-year term loan and a $75 million revolver due in March 2008, according to a news release. Borrowings under the facilities will bear interest at varying rates ranging from Libor plus 150 to 250 basis points depending upon the ratio of outstanding debt to earnings before interest, taxes and depreciation.

Proceeds are being used to refinance existing indebtedness of approximately $175 million and to provide for ongoing working capital and general corporate needs.

Houston-based Atwood Oceanics is an offshore contract driller of oil and gas wells.

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