Daily News: February 3, 2014

Deutsche, Others Arrange Seadrill Term Loan/Revolving Loan


Seadrill Partners LLC announced that it is launching a proposed $1.7 billion senior secured term loan B and a $100 million first-out senior secured revolving loan.

Deutsche Bank Securities is acting as sole global coordinator. Deutsche Bank Securities, Credit Suisse Securities (USA) LLC, Barclays Bank PLC and RBC Capital Markets are acting as joint lead arrangers and joint bookrunners. ABN AMRO Capital USA LLC, HSBC Bank USA, ING Bank NV and BNP Paribas are acting as Co-Managers.

The loans will be borrowed by three of the company’s subsidiaries, guaranteed by certain of the borrower’s and their existing and future subsidiaries, and secured by four of the company’s ultra-deepwater drilling rigs and certain other assets.

Proceeds of the term loan will be used to refinance certain existing indebtedness, pay transaction expenses and for general company purposes. There can be no assurances that the company will be successful in its marketing efforts or that it will be able to enter into the new term loan and new revolver. Closing of the new term loan and new revolving loan, which is anticipated to occur in the third week of February 2014, is subject to negotiation and execution of definitive documents and satisfaction of customary closing conditions.

Seadrill Partners was formed by Seadrill Limited to own, operate and acquire offshore drilling rigs under long-term contracts.

Deutsche, Others Arrange Seadrill Term Loan/Revolving Loan

Seadrill Partners announced its launching a proposed $1.7 billion senior secured term loan B and a $100 million first-out senior secured revolving loan. Deutsche Bank, others are acting as joint lead arrangers.

Seadrill Partners LLC announced that it is launching a proposed $1.7 billion senior secured term loan B and a $100 million first-out senior secured revolving loan.

Deutsche Bank Securities is acting as sole global coordinator. Deutsche Bank Securities, Credit Suisse Securities (USA) LLC, Barclays Bank PLC and RBC Capital Markets are acting as joint lead arrangers and joint bookrunners. ABN AMRO Capital USA LLC, HSBC Bank USA, ING Bank NV and BNP Paribas are acting as Co-Managers.

The loans will be borrowed by three of the company’s subsidiaries, guaranteed by certain of the borrower’s and their existing and future subsidiaries, and secured by four of the company’s ultra-deepwater drilling rigs and certain other assets.

Proceeds of the term loan will be used to refinance certain existing indebtedness, pay transaction expenses and for general company purposes. There can be no assurances that the company will be successful in its marketing efforts or that it will be able to enter into the new term loan and new revolver. Closing of the new term loan and new revolving loan, which is anticipated to occur in the third week of February 2014, is subject to negotiation and execution of definitive documents and satisfaction of customary closing conditions.

Seadrill Partners was formed by Seadrill Limited to own, operate and acquire offshore drilling rigs under long-term contracts.