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Odfjell Drilling mandates banks ahead of planned $390 million five-year secured notes sale
By Paul A. Harris
Portland, Ore., May 8 – Odfjell Drilling mandated Danske Bank, SpareBank 1 Markets, ABG Sundal Collier and Fearnley Securities as leads in a potential $390 million sale of five-year secured notes (B2/BB), according to market sources.
The notes will be secured by a mortgage on the rigs Deepsea Atlantic and Deepsea Aberdeen.
The company stated in a Monday press release that it has received commitments from the banks for an extension of a $197 million loan, changed conditions for a $160 million loan scheme, as well as a $125 million loan for which some approvals remain.
The oil drilling, well service, and engineering company, which maintains headquarters in London, plans to use proceeds from the notes, in addition to the credit amendments, to refinance debt.
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