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Sevan Drilling ASA Agrees New Financing


Tuesday, 23 Jul 2013 07:47am EDT 

Sevan Drilling ASA announced that it has renegotiated and agreed the principle terms of an amended five year secured corporate bank facility of USD 1,750 million at significantly improved terms, 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 Sevan Drilling Rig 4, both under construction at COSCO shipyard. The facility is managed and co-ordinated by ING Bank N.V. The increased amounts available under the new financing mean that the company will not proceed with the earlier announced bond issue. With the proceeds from the new corporate bank facility, the company will be fully financed and have secured sufficient funding for delivery of Sevan Louisiana and Sevan Drilling Driller 4, deferred liabilities, pre-operational costs, mobilization cost and general corporate purposes. The new agreed financing, taking into account the increased loan amounts, costs and other applicable conditions, represents a significant improvement in the company's financing terms. 

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