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Ocean Rig UDW Inc's Subsidiaries Enter USD 1.8 Billion Senior Secured Term Loan Facility

Monday, 15 Jul 2013 09:00am EDT 

Ocean Rig UDW Inc announced that the Company's wholly-owned subsidiaries, Drillships Financing Holding Inc. (DFHI) and Drillships Projects Inc., entered into a USD 1.8 billion senior secured term loan facility, comprised of tranche B-1 term loans in an aggregate principal amount equal to USD 975.0 million (Tranche B-1 Term Loans) and tranche B-2 term loans in an aggregate principal amount equal to USD 825.0 million (Tranche B-2 Term Loans and, together with the Tranche B-1 Term Loans, the Term Loans), with respective maturity dates in the first quarter of 2021, subject to adjustment to the third quarter of 2020 in certain circumstances, and the third quarter of 2016. The Term Loans are initially guaranteed by Ocean Rig and certain existing and future subsidiaries of DFHI and are secured by certain assets of, and by a pledge of the stock of, DFHI and the subsidiary guarantors. The net proceeds of the Term Loans were used to fully repay amounts outstanding under the Company's USD 800.0 million secured term loan agreement and two USD 495.0 million senior secured credit facilities, amounting to approximately USD 1.6 billion in the aggregate. The balance of the net proceeds will be used to finance offshore drilling rigs and for the payment of fees and expenses associated therewith. 

Company Quote

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