S&P rates Shelf Drilling notes CCC+

S&P said it rated Shelf Drilling Holdings Ltd.’s $310 million of 8 7/8% first-lien senior secured notes CCC+. Concurrently, S&P affirmed Shelf’s CCC+ issuer rating.

Shelf will use the proceeds to repay the $55 million drawn under its $225 million revolving credit facility, which will be canceled and its $80 million of 8¾% second-lien notes. It will also cash collateralize bank guarantees under the revolver and use funds for general corporate purposes.

The outlook is negative.

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