Northern Offshore Extends Term Loan Agreement
Northern Offshore and its lenders have executed an amendment to their US $300 million Secured Term Loan Facility Agreement. The amendment calls for a payment of US $67.5 million, rather than US $97.5 million, on the original maturity date and extends the payment of up to US $30 million plus accrued interest until no later than May 14, 2010. The rate on the extended outstanding balance of the Term Loan is LIBOR plus 3.5%.
This extension provides the company additional time to continue its work on refinancing its remaining outstanding debt now due on May 14, 2010 (US $30 million) and on June 14, 2010 (US $100 million). The company expects to enter into a new revolving credit facility in the coming weeks to fund a portion of these obligations.
Manages 9 Offshore Rigs
- Northern Offshore Delays Delivery of 2 Jackups Now Being Built in China (Apr 01)
- Northern Offshore Issues Notice to Terminate Contract for Energy Searcher (Jan 13)
- Energy Searcher Signed Up for Nigeria Drill (Dec 09)