Shelf Drilling reduces holdco term loan amount to $350 million

By Sara Rosenberg

New York, Oct. 4 - Shelf Drilling downsized its five-year holdco term loan to $350 million from $450 million, according to a market source.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Jefferies Finance LLC are the leads on the deal.

Proceeds will be used to redeem preferred stock and to fund a dividend.

Shelf Drilling is a Dubai-based offshore jackup rig operator.

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