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Deutsche Bank, Others Arrange Seadrill Partners $1.9B Financing

February 18, 2014, 07:19 AM
Filed Under: Energy

Seadrill Partners LLCt has upsized the proposed $1.7 billion term loan B announced on January 31 to $1.8 billion and priced the term loan at Libor plus 3%, the low end of the range. Concurrent with the term loan, the Company will obtain a $100 million secured revolving credit facility.

Subsidiaries of the Company will be the borrowers under the facilities, guaranteed by certain further subsidiaries and secured by four of the Company's ultra-deepwater drilling rigs and certain other assets. Total secured debt for the four assets is approximately $1.1 billion and proceeds of the term loan are to be used to refinance existing indebtedness, pay transaction expenses, and for general company purposes. The loans are subject to customary closing conditions.

Deutsche Bank Securities Inc., is acting as Sole Global Coordinator. Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Barclays Bank PLC, and RBC Capital Markets, are acting as joint lead arrangers and joint bookrunners. ABN AMRO Capital USA LLC, HSBC Securities (USA) Inc., ING Bank NV and BNP Paribas Securities Corp., are acting as Co-Managers.

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