SDLP - Seadrill Partners LLC Announces Launch of Term Loan B and Revolving Loan
January 31 2014 - 1:55PM
London, United Kingdom,
January 31, 2014 - Seadrill Partners LLC ("Seadrill
Partners" or the "Company") (NYSE: SDLP) announced today that it is
launching a proposed $1.7 billion senior secured term loan B and a
$100 million first-out senior secured revolving loan. The
loans will be borrowed by three of the Company's subsidiaries, as
borrowers, guaranteed by certain of the borrower's and their
existing and future subsidiaries, and secured by four of the
Company's ultra-deepwater drilling rigs and certain other
assets. Proceeds of the term loan are to be used to refinance
certain existing indebtedness, pay transaction expenses, and for
general company purposes. There can be no assurances that the
Company will be successful in its marketing efforts or that it will
be able to enter into the new term loan and new revolver. Closing
of the new term loan and new revolving loan, which is anticipated
to occur in the third week of February 2014, is subject to
negotiation and execution of definitive documents and satisfaction
of customary closing conditions.
Seadrill Partners was formed by Seadrill Limited
to own, operate and acquire offshore drilling rigs under long-term
contracts. Its current fleet consists of four semi-submersible rigs
(the West Aquarius, the West Leo, the West Sirius and
the West Capricorn), one drillship (the
West Capella), two tender rigs (the
T-15 and the T-16),
and one semi-tender (the West Vencedor).
Deutsche Bank Securities Inc., is acting as Sole
Global Coordinator. Deutsche Bank Securities Inc., Credit
Suisse Securities (USA) LLC, Barclays Bank PLC, and RBC Capital
Markets, are acting as joint lead arrangers and joint
bookrunners. ABN AMRO Capital USA LLC, HSBC Bank USA, N.A.,
ING Bank NV and BNP Paribas, are acting as Co-Managers.
The statements in this press release that are not
historical facts may be forward-looking statements. These
forward-looking statements, which include statements related to the
term loan and revolving loan and the anticipated use of proceeds
therefrom, are based upon the current beliefs and expectations of
Seadrill Partners' management and are subject to risks and
uncertainties, which could cause actual results to differ from the
forward-looking statements. The information set forth herein should
be read in light of such risks. Seadrill Partners does not assume
any obligation to update the information contained in this press
release.
Questions should be directed to:
Graham Robjohns: Chief Executive Officer
Rune Magnus Lundetræ: Chief Financial
Officer
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Seadrill Partners LLC via Globenewswire
HUG#1758505
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