Ocean Rig UDW Inc. (Ocean Rig), a global provider of offshore deepwater drilling services has received a $1.35 billion Bank Facility firm commitments from lenders for a $1.35 billion syndicated secured term loan to partially finance the construction costs of the Ocean Rig Mylos, the Ocean Rig Skyros and the Ocean Rig Athena.
Ultra-deepwater drillships newbuilding hulls Ocean Rig Mylos, Ocean Rig Skyros and Ocean Rig Athena are under construction at Samsung Heavy Industries Co Ltd.
This facility has a 5 year term, and approximately an 11 year repayment profile. The facility bears interest at LIBOR plus a margin. Lead banks are DNB Bank and Nordea Bank supported by several other commercial lenders. Also participating in this financing are export credit agencies Garanti-Instituttet for Eksportkreditt (GIEK), Export Credit Norway and the Import-Export Bank of Korea (KEXIM).
This agreement is subject to definitive documentation which the Company expects to complete in the first quarter of 2013.
Press Release, February 5, 2013