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.
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