Atwood Oceanics gets $280 million revolver

By Sara Rosenberg

New York, Nov. 26 - Atwood Oceanics Inc. closed on a new $280 million five-year reducing revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Nordea Bank acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on Nov. 25.

Pricing on the revolver is Libor plus 150 basis points.

There is a $20 million accordion feature.

Proceeds will be used to help provide funding for three drilling units currently under construction, for future growth opportunities and for general corporate needs.

Atwood is a Houston-based company engaged in the offshore drilling and completion of exploratory and developmental oil and gas wells.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.