By Abigial W. Adams
Portland, Me., April 26 – Shelf Drilling (North Sea) Holdings, Ltd., a subsidiary of Dubai-based Shelf Drilling (North Sea), Ltd., priced an upsized $315 million of 9 7/8% senior secured first-lien notes due Nov. 22, 2028 at 98.35 on Friday, according to market sources.
Pricing came on top of talk for a discounted offer price of 98.35 and a yield of 10 3/8% to 10½%.
Initial guidance was for a yield in the 10% area.
The deal was upsized from $300 million.
The notes are non-callable until May 22, 2026.
Joint bookrunner DNB Markets was the sole global coordinator for the offering. Arctic Securities AS and Clarksons Securities AS are also joint bookrunners.
The shallow water drilling contractor plans to use the proceeds to refinance its outstanding senior secured notes due October 2025, as well as to fund a previously disclosed short-term liquidity requirement and for general corporate purposes.
| Issuer: | Shelf Drilling (North Sea) Holdings, Ltd.
|
| Amount: | $315 million
|
| Issue: | Senior secured first-lien notes
|
| Maturity: | Nov. 22, 2028
|
| Global coordinator: | DNB Markets
|
| Joint bookrunners: | DNB Markets, Arctic Securities AS and Clarksons Securities AS
|
| Coupon: | 9 7/8%
|
| Price: | 98.35
|
| First call: | May 22, 2026 at 104.938
|
| Trade date: | April 26
|
| Settlement date: | May 22
|
| Distribution: | Regulation S
|
| Price talk: | Discounted offer price of 98.35 and a yield of 10 3/8% to 10½%
|
| Marketing: | Roadshow
|
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