Shelf Drilling North Sea plans to price $300 million 4.5-year notes; initial talk 10% area

By Paul A. Harris

Portland, Ore., April 24 – Shelf Drilling (North Sea) Holdings, Ltd., a subsidiary of Dubai-based Shelf Drilling (North Sea), Ltd., plans to sell $300 million of 4.5-year senior secured first-lien notes, according to market sources.

Initial guidance has the deal coming to yield in the 10% area.

Joint bookrunner DNB Markets is the sole global coordinator. 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.

© 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.