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S&P rates Drillships loans & notes B+
Standard & Poor's said it assigned its B+ issue rating to the proposed $800 million term loan B facility and $500 million senior secured notes due 2021 and 2022 to be issued by Drillships Ocean Ventures Inc. and Drillships Ventures Projects Inc., both subsidiaries of Ocean Rig UDW Inc. (B/negative/--).
The recovery rating is 2.
Proceeds will be used to repay in full the $1,288 million senior secured term loan (unrated) issued by Drillships Ocean Ventures.
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