Seadrill increases drawn loan to $1.8bn, prices at tight end

By Olivier Holmey
18 Feb 2014

Seadrill, the Oslo-listed offshore drilling company, has increased its term loan ‘B’ to $1.8bn and priced it at 300bp over Libor, at the tight end of guidance.

The drawn part of the debt originally totalled $1.7bn. A $100m revolving credit facility is also being raised as part of the transaction.

The whole seven year loan package, which is senior secured, will serve to refinance debt, pay transaction expenses, and for general corporate purposes.

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