Norwegian offshore driller Odfjell Drilling has completed its refinancing according to an agreement reached back in August.
To remind, the company on August 25 said it had received a firm offer from its bank syndicate to refinance the senior secured term loan facility secured by the rigs Deepsea Atlantic and Deepsea Stavanger maturing in November 2016.
The new loan facility is $525 million, the same amount as was outstanding under the existing facility as at June 30, 2016, and will be repaid by quarterly installments, first time in the first quarter of 2017. No repayment will be made in the second half of 2016.
Odfjell Drilling, which owns a fleet of 6th generation offshore rigs, said the loan would be repaid by quarterly installments of $12.5 million. The facility has a tenor of 3 years from Wednesday.