Independence Contract Drilling extended its existing credit facility with a syndicate of financial institutions led by CIT Finance by two years. A $65 million accordion feature was also added to the facility.
Independence Contract Drilling amended its existing senior secured revolving credit facility agented by CIT. Commitments were reduced to $85 million with an uncommitted $25 million accordion feature.
Independence Contract Drilling amended its existing revolving credit facility with a lender group led by CIT as administrative agent. The aggregate amount of commitments was decreased from $155 million to $125 million.
CIT announced that it arranged a $60 million senior secured credit facility for Independence Contract Drilling. CIT Corporate Finance served as sole lead arranger and sole lead administrative agent.