The bond loan is senior secured with first priority pledge in the drillships Neptune Explorer and Neptune Discoverer. The bond has a 3 year tenor and pays a coupon of 5.50% over 6-months Libor, and will be supported by a parent company guarantee from Neptune Marine Oil & Gas Ltd.
The purpose of the loan is to finance the reactivation and upgrading of Neptune Explorer and Neptune Discoverer, and refinancing of existing debt.
The bond issue was managed by SEB Merchant Banking.
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