Sevan Drilling plans $530 million limited recourse secured term loan

By Sara Rosenberg

New York, July 12 - Sevan Drilling AS is planning a new $530 million limited recourse secured term loan, according to a news release.

DVB Group Merchant Bank Pte Ltd and NIBC Bank are the lead banks on the deal.

Proceeds will be used to replace the existing debt of the Sevan Driller rig, which includes a $250 million first-lien facility and a NOK 1 billion second-lien bond facility.

The deal is subject to syndication and documentation.

Sevan is a Norway-based owner, operator and licenser of FPSOs and drilling units.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.