Songa Offshore SE is pleased to announce 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.

31 October 2014
Limassol, Cyprus

For further information, please contact:
Jan Rune Steinsland, CFO (+47 970 52 533)

 

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Songa Offshore SE via Globenewswire
HUG#1867321

Share
© GlobeNewswire - 2014