Songa draws down on $532m refi

Songa Offshore, a Norwegian oil drilling contractor, has completed a $532m five year credit facility and promptly drew down part of the credit line on Wednesday.

  • 28 Oct 2010

The deal comprises a $368m amortising term loan and a $164m revolver. The revolver as yet remains undrawn.

With the new facility, Songa has refinanced $1bn of debt from 2008. The refinancing will reduce the company’s repayment commitments by $87m in 2010, $80m in 2011 and $50m in ...

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