Northern Offshore Arranges Loan Facility to Acquire Jack-ups
Northern Offshore, Ltd. has executed a Mandate Letter with DnB NOR Bank ASA and Nodea Bank Norge ASA (the Mandate Lead Arrangers) to underwrite and arrange for a USD 300 million senior secured term loan facility.
The final maturity (the "Maturity Date"`) of the Credit Facility shall be 33 months after the Closing Date. Additional terms include Interest to be charged at 1, 3 or 6 month LIBOR plus 175 basis points and voluntary prepayment. The proceeds from the senior secured term loan facility will be used for the acquisition of the Maersk Jack-ups, to be named the Energy Enhancer, the Energy Endeavour and the Energy Exerter.
The senior secured term loan facility is subject to conditions precedent that are usual and customary for these types of facilities, including negotiation and execution of final loan documents.
Separately Northern Offshore Ltd. has issued USD
100 million in bonds. The issue will mature in 36
months from Settlement date, is priced at par and
carries an interest rate of LIBOR plus 450 basis
point. Settlement date will be 13 June 2007. The
bond is fully subscribed. Joint lead managers for
the bond were DnB Nor Markets and Nordea Banks
Norge ASA. The proceeds from the bond issue will
be used to finance the acquisition of 3 Maersk
Jack-ups, to be named the Energy Enhancer, the
Energy Endeavour and the Energy Exerter.
Operates 5 Offshore Rigs
Manages 22 Offshore Rigs
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Company: Northern Offshore more info
Manages 9 Offshore Rigs
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