The credit facility comes with a five-year term and 10-year amortization profile to refinance the credit facilities secured by the three offshore units, namely West Pegasus, West Gemini and West Orion.
Seadrill said the transaction was initially launched as a $900m facility secured by two ultra-deepwater units. But strong interest from the company’s banking group saw the facility upsized to $1.35bn to include one more unit.
“This refinancing will provide Seadrill with $350m in additional cash. By concluding this transaction the company will be left with one ultra-deepwater and four jack-up units to be refinanced in 2015 and one ultra-deepwater and four jack-up units in 2016, totalling $1.2bn to be refinanced,” Seadrill said.
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