It’s been a very busy and productive month for Ocean Rig UDW Inc. as it has finally fully funded its current capex program. First, the company arranged a new $800 million syndicated secured term loan facility to partially finance the construction costs of the Ocean Rig Corcovado and Ocean Rig Olympia. The facility has a five year term based upon a 12 year amortization and bears interest at LIBOR plus a margin. The facility is led by Nordea and ABN AMRO and includes in the syndicate GIEK, DVB Bank, Deutsche Bank and National Bank of Greece. A portion of the proceeds of the loan will be used to repay the $325 million bridge loan used to partially finance the Corcovado.
This is only an excerpt of Ocean Rig’s Debt Feast – Banks and Bond Market Provide Support
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Tags: · ABN AMRO, Deutsche Bank, DryShips, DVB Bank, Fearnley Fonds, GIEK, National Bank of Greece, Nordea, Nordea Markets, Ocean Rig UDW Inc., Pareto Securities
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