GlobalSantaFe Closes $500 Million Syndicated Bank Facility

Worldwide offshore oil and gas drilling contractor GlobalSantaFe Corporation said late Tuesday that it has closed a five-year, $500 million revolving credit facility.

Citibank and Wells Fargo Bank acted as lead arrangers of the new credit facility, which will be used for general corporate purposes. Co-documentation agents included Bank of America, HSBC Bank USA and the Royal Bank of Scotland.

"This revolving credit will provide additional financial flexibility to manage our liquidity more efficiently and improve returns on capital," said GlobalSantaFe Senior Vice President and Chief Financial Officer Michael Dawson.