Atwood Oceanics Announces New Credit Agreement
November 26 2008 - 9:42AM
PR Newswire (US)
HOUSTON, Nov. 26 /PRNewswire-FirstCall/ -- ATWOOD OCEANICS, INC.,
(Houston-based International Drilling Contractor) (NYSE:ATW),
announced today that it, as guarantor, and its wholly-owned
subsidiary, Atwood Oceanics Pacific Limited, entered into a new
additional credit agreement with several banks with Nordea Bank
Finland plc, New York Branch as Administrative Agent for the
lenders, Lead Arranger and Bank Runner. The credit agreement
provides for a 5-year $280,000,000 reducing revolving loan
facility, with maturity in November 2013. The commitment under this
new additional credit agreement may be increased by up to
$20,000,000 for a total commitment of $300,000,000. Loans under
this facility will bear interest at 1.50% over the Eurodollar Rate.
This new credit facility along with the $300,000,000 credit
facility executed in October 2007 will provide funding for the
three drilling units currently under construction (the ATWOOD
AURORA and two deepwater semisubmersibles), for future growth
opportunities and for general corporate needs. Currently
$200,000,000 has been borrowed under the October 2007 credit
facility, with no funds borrowed under this new credit facility.
DATASOURCE: Atwood Oceanics, Inc. CONTACT: James Holland of Atwood
Oceanics, Inc., +1-281-749-7804 Web Site: http://www.atwd.com/
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