Ensco drills up bridge loan to back Pride takeover

Citi and Deutsche Bank are providing a bridge loan of up to $2.75bn to fund oil drilling firm Ensco’s $7.3bn acquisition of Pride International.

  • 08 Feb 2011

The 364-day facility carries an initial margin of 150bp-200bp for the first 90 days, with the price stepping up regularly to peak at 250bp. The margin is also linked to a ratings grid.

The acquisition, which will create the second largest offshore driller in the world, will be ...

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