Shelf Drilling talks $75 million term loan at Libor plus 500 bps

By Sara Rosenberg

New York, Oct. 10 - Shelf Drilling International Holdings Ltd. is talking its $75 million 51/2-year term loan (Ba1) at Libor plus 500 basis points with a 1.25% Libor floor and an original issue discount of 98, according to a market source.

Jefferies & Co. is leading the deal.

Proceeds from the term loan, $475 million of six-year senior secured notes and $645 million of equity will finance the acquisition of 38 drilling rigs from Transocean Inc. for $1.05 billion.

Shelf Drilling is a newly formed international shallow water offshore drilling contractor sponsored by Castle Harlan, CHAMP Private Equity and Lime Rock Partners.

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