Seadrill has reached an agreement with lenders under the West Eminence Facility, along with the requisite majority of lenders under all of its other bank facilities, to extend the facility maturity date from December 31, 2016 to April 30, 2017.
The company said it has made good progress on the overall terms and structure of an agreement with the banks that will re-profile all secured credit facilities to mature in the period from 2020 to 2023, reducing the company’s fixed amortization obligations and amend financial covenants.
Seadrill has initiated engagement with bondholders and potential providers of new capital on the other key elements of the restructuring plan, which it expects to complete by the end of April 2017.
“Extending the West Eminence facility will provide us with sufficient time to conclude these negotiations,” Seadrill said in the release.
