Lancer Finance plans $275 million series 2010 notes due 2016

By Christine Van Dusen

Atlanta, Sept. 21 - Lancer Finance Co. Ltd., a special-purpose vehicle, plans to issue $275 million in series 2010 notes due 2016, a market source said.

The special-purpose vehicle has been set up by Brazilian energy company Petroleos de Brazil SA (Petrobras) and Delaware-based Turasoria SA LLC for the use of the S.C. Lancer drilling vessel, according to a Moody's Investors Service report.

Proceeds will be used to repay outstanding bank debt, to pay for issuance-related costs and to partially fund the purchase of two new drilling vessels.

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