Songa Offshore SE says that the documentation for the previously announced USD 1.1 billion senior secured credit facility for the financing of the last two Cat D drilling rigs, Songa Encourage and Songa Enabler, has been completed and the loan agreements have been signed by all parties.

The financing consists of a revolving pre-delivery financing of USD 90 million per rig and a post-delivery financing of USD 550 million per rig. The pre-delivery loan will be priced at LIBOR plus 3.00%, the post-delivery loan will be priced at LIBOR plus 2.50% and was substantially oversubscribed. The post-delivery financing has a tenor of 5 year and an approximately 11.5 year amortization profile.

Tags: Songa Offshore ASA