Odfjell Drilling has announced that the conditions for the refinancing for its rig-owning entitiy Deepsea Invest have been fulfilled.
The deal refinances two of the company’s semi-submersible rigs, Deepsea Atlantic and Deepsea Stavanger.
The new facility is for $525m and will refinance a senior secured term loan facility that matures in November 2016. It will be repaid by quarterly installments of $12.5m, starting in the first quarter of 2017. The interest rate will be 415 basis points above LIBOR and the tenor is 3 years.