SDLP - Seadrill Partners LLC Announces Launch of Term Loan B
June 05 2014 - 1:25PM
London, United Kingdom, June
5, 2014 - Seadrill Partners LLC ("Seadrill Partners"
or the "Company") (NYSE: SDLP) announced today that it is launching
a proposed US$1 billion senior secured term loan B, which will be
borrowed on substantially the same terms as the Company's existing
US$1.8 billion senior secured term loan B incurred in February
2014. The loan will be borrowed by two of the Company's
subsidiaries, as borrowers, guaranteed by certain of the Company's
existing and future subsidiaries, and secured by six 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. Closing of the new term
loan, which is anticipated to occur in the fourth week of June
2014, is subject to negotiation and execution of definitive
documents to effect an amendment and restatement of the Company's
existing credit agreement and to 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),
two drillships (the West Capella and the
West Auriga), 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., Barclays
Bank PLC and Goldman Sachs Bank USA are joint lead arrangers and
joint bookrunners. ABN AMRO Capital USA LLC, BNP Paribas,
Crédit Agricole Corporate and Investment Bank and ING Bank NV 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 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#1791158
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