Sevan Drilling ASA: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Wright Reports
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Sevan Drilling ASA Secures USD 1,450 Million Loan Facility and Contemplates USD 500 Million Bond Issue
Sevan Drilling ASA announced that the Company has subject to certain conditions agreed the principle terms of a five year secured corporate bank facility of USD 1,450 million, for the purpose of refinancing all outstanding debt of the company related to the two operational drilling rigs Sevan Driller and Sevan Brasil, as well as financing for the delivery of Sevan Louisiana and Driller 4 currently under construction at COSCO shipyard. The bank syndicate is co-ordinated by ING Bank N.V, and will include NIBC Bank N.V., DVB Bank SE and Swedbank AB (publ) as lenders and a part guarantee by the Norwegian Guarantee Institute for Export Credits (GIEK). GIEK has committed USD 750 million in the bank facility. Additionally, as part of the financing efforts, the Company has announced the launch of a USD 500 million senior secured second lien bond issue with maturity in January 2019 (5.5 years). Pareto Securities AS, RS Platou Markets AS and Swedbank First Securities have been appointed as Joint Lead Managers and Bookrunners for the bond issue. SEB is acting as co-lead manager.
Latest Developments for Sevan Drilling ASA
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- Sevan Drilling ASA's Board of Directors Decides Not to Recommend Shareholders to Accept Seadrill Ltd's Mandatory Offer
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