George Economou’s Nasdaq-listed offshore drilling entity Ocean Rig has prepaided $100m of its $450m term loan facility.
The payment reduces outstanding balance of the term loan, which bears 8% interest, to $350m.
Pankaj Khanna, president and chief executive officer of Ocean Rig, commented: “Ocean Rig has the “best-in-class” balance sheet and as a result we decided to take advantage of our ability to repay $100 million of the term loan at par, thereby reducing our interest obligations over the remaining term of the loan by $52 million, without compromising our financial flexibility over the business cycle.”
Ocean Rig shares jumped 4.39% yesterday on the back of the announcement, closing at $24.99.
