By Mary-Katherine Stinson
Lexington, Ky., Sept. 27 – United Arab Emirates-based Shelf Drilling, Ltd. announced that its subsidiary Shelf Drilling (North Sea) Holdings, Ltd., which is an indirect wholly-owned subsidiary of Shelf Drilling (North Sea), Ltd., priced $250 million of 10¼% secured notes due 2025, according to a notice.
The notes are guaranteed by Shelf Drilling, Ltd. and the issuer’s direct parent company Shelf Drilling (North Sea) Intermediate, Ltd.
The notes priced at 97.
The notes amortize at 5% annually based on the initial aggregate principal amount of the notes.
The shallow water offshore driller, which has operations in Southeast Asia, the Middle East, India, West Africa and the North African/Mediterranean markets, plans to use the proceeds to pay part of the purchase price for Shelf Drilling (North Sea), Ltd.’s previously announced acquisition of five jack-up rigs from various subsidiaries of Noble Corp.
| Issuer: | Shelf Drilling (North Sea) Holdings, Ltd.
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| Guarantors: | Shelf Drilling, Ltd. and Shelf Drilling (North Sea) Intermediate, Ltd.
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| Securities: | Senior secured notes
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| Amount: | $250 million
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| Maturity: | Oct. 31, 2025
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| Coupon: | 10¼%
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| Price: | 97
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