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Seadrill Partners Launches Term Loan B With Deutsche Bank, Others

June 06, 2014, 06:56 AM
Filed Under: Energy

Seadrill Partners LLC announced that it is launching a proposed U.S.$1 billion senior secured term loan B, which will be borrowed on substantially the same terms as the company's existing U.S.$1.8 billion senior secured term loan B incurred in February 2014. The loan will be borrowed by two of the company's subsidiaries, as borrowers, guaranteed by certain of the company's existing and future subsidiaries, and secured by six of the company's ultra-deepwater drilling rigs and certain other assets.

Deutsche Bank Securities Inc., is acting as Sole Global Coordinator. Deutsche Bank Securities Inc., Barclays Bank PLC and Goldman Sachs Bank USA are joint lead arrangers and joint bookrunners. ABN AMRO Capital USA LLC, BNP Paribas, Credit Agricole Corporate and Investment Bank and ING Bank NV are acting as Co-Managers.

Proceeds of the term loan are to be used to refinance certain existing indebtedness, pay transaction expenses, and for general company purposes. Closing of the new term loan, which is anticipated to occur in the fourth week of June 2014, is subject to negotiation and execution of definitive documents to effect an amendment and restatement of the Company's existing credit agreement and to satisfaction of customary closing conditions.

Seadrill Partners was formed by Seadrill Limited to own, operate and acquire offshore drilling rigs under long-term contracts. Its current fleet consists of four semi-submersible rigs (the West Aquarius, the West Leo, the West Sirius and the West Capricorn), two drillships (the West Capella and the West Auriga), two tender rigs (the T-15 and the T-16), and one semi-tender (the West Vencedor).

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