Atwood Oceanics completes $750 million credit facility led by Nordea

By Sara Rosenberg

New York, May 9 - Atwood Oceanics Inc. closed on a new $750 million five-year secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Nordea Bank Finland plc acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on May 6.

Pricing on the revolver is Libor plus 250 basis points.

Financial covenants include leverage and interest expense coverage ratios.

There is a $350 million accordion feature.

Proceeds were used to refinance existing credit facilities and will provide funding for the drilling units currently under construction, for future growth opportunities and for general corporate needs.

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

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