Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Atlantica Tender Drilling Ltd. > News item |
Atlantica Tender Drilling eyes $350 million five-year fleet loan
By Angela McDaniels
Tacoma, Wash., Sept. 5 – Atlantica Tender Drilling Ltd. said it received a proposal from a group of banks for a $350 million first-priority fleet loan facility.
The banking group includes ABN Amro Bank NA, Oslo Branch and DNB Bank ASA among others.
The maturity will be five years after the first drawdown.
The facility will have three tranches: a $53 million tranche to refinance existing bank debt, a $120 million tranche to finance the delivery of the company’s Gamma rig and a $177 million tranche to finance the delivery of its Delta rig. The rigs are expected to be delivered by the end of the first quarter and second quarter of 2015, respectively.
The interest rate is expected to be Libor plus 325 basis points. The interest rate for the $120 million tranche, however, is expected to be Libor plus 375 bps until a drilling contract is entered into for the Gamma rig.
The facility will have quarterly repayments of $1.47 million beginning three months after the first draw down and with additional quarterly repayments beginning after the delivery of the rigs.
The company is also seeking bondholder approval to amend the terms of subsidiary BassDrill Beta Ltd.’s $75 million 8˝% second-lien callable bonds due 2018 and to issue an additional $75 million of the bonds, according to a notice from trustee Nordic Trustee ASA.
Houston-based Atlantica offers solutions to the offshore drilling market with the development of tender assist designs.
© 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.