Local
articles | 10 February 2014

$1.9 Billion Term Loan Facility for Ocean Right UDW Inc.

Ocean Rig UDW Inc. the Cyprus-headquartered global provider of offshore deepwater drilling services, announces entry into Amendment and Restatement of $1.9 Billion Term Loan Facility.

Ocean Rig UDW Inc. (NASDAQ: ORIG) (the 'Company' or 'Ocean Rig'), a global provider of offshore deepwater drilling services, today announced that it along with its wholly-owned subsidiaries, Drillships Financing Holding Inc. ('DFHI'), and Drillships Projects Inc., entered into an Amendment and Restatement Agreement to the Credit Agreement dated as of July 12, 2013, as amended, among Ocean Rig, DFHI, Drillships Projects, the lenders from time to time party thereto and Deutsche Bank AG New York Branch, as administrative and collateral agent which originally comprised oftranche B-1 term loans in an aggregate principal amount equal to $1.075 billion ('Tranche B-1 Term Loans') and tranche B-2 term loans in an aggregate principal amount equal to $825.0 million ('Tranche B-2 Term Loans'). Pursuant to the Amendment and Restatement Agreement, the existing Tranche B-2 Terms Loans have been refinanced with additional new Tranche B-1 Term Loans the result of which is that DFHI currently has approximately $1.9 Billion of Tranche B-1 Term Loans outstanding. All Tranche B-1 Term Loans remain guaranteed by Ocean Rig and by certain existing and future subsidiaries of DFHI and are secured by certain assets and by a pledge of the stock of DFHI and each subsidiary guarantor.

George Economou, Chairman and Chief Executive Officer of Ocean Rig, commented: "We are pleased with the successful closing of this important transaction which extends Ocean Rig's debt maturities. We effectively refinanced the short-term tranche of the Term Loan B Facility with a fungible add-on to the long-term tranche. Post transaction, the entire $1.9 billion facility will mature not earlier than the third quarter of 2020."

Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, and specializing in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. The company owns and operates 11 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 9 ultra deepwater drillships, 1 of which is scheduled to be delivered to the Company during 2014 and 2 of which are scheduled to be delivered during 2015. Ocean Rig's common stock is listed on the NASDAQ Global Select Market where it trades under the symbol 'ORIG'.

Visit the Company's website at www.ocean-rig.com

Source: Finance Yahoo

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