Odfjell gets commitment for $325 million senior secured term loan

By Marisa Wong

Morgantown, W.Va., Aug. 28 – Odfjell Drilling Ltd. said it accepted a firm offer for a $325 million senior secured term loan facility, consisting of a $162.5 million tranche guaranteed by K-Sure and a $162.5 million five-year commercial bank tranche.

The loan facility is available upon delivery of Odfjell’s drilling unit, Deepsea Nordkapp, expected in the first quarter of 2019.

The facility is to be repaid in quarterly installments of $8.55 million, beginning in the fourth quarter of 2019.

At the current swap rate, the total average interest is about 5.4% per annum.

Closing of the facility is expected by the end of September.

Odfjell is a shipping and tank terminal company based in Bergen, Norway.

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