Scandoil  

Pacific Drilling closes $500 million revolving credit facility


Published Oct 31, 2014
Pacific Drilling S.A.

Pacific Drilling S.A. has signed a revolving credit facility with an aggregate principal amount of up to $500 million.

Prior to delivery of the Pacific Zonda, up to $350 million is available under the $500 million revolving credit facility. The remaining $150 million will become available following the delivery of the Pacific Zonda upon entry into a satisfactory drilling contract.

CFO Paul Reese commented, 'The new revolving credit facility, when combined with our existing facilities, addresses our expected financing needs until our 7.25 percent bonds mature at the end of 2017.'

The revolving credit facility has a maturity date of five years after the delivery date of the Pacific Zonda. Borrowings under the revolving credit facility bear interest at LIBOR plus a margin ranging from 1.75 percent to 2.5 percent based on the company's leverage ratio. No amounts were drawn under this revolving credit facility in connection with the closing of the transaction.

Tags: Pacific Drilling S.A.




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml