Atwood to use offering proceeds to reduce credit facility borrowings

By Tali David

Minneapolis, Jan. 9 - Atwood Oceanics, Inc. plans to use the proceeds of its senior notes due 2020 to reduce borrowings under its senior secured revolving credit facility, according to an S-3 filing with the Securities and Exchange Commission.

Amounts repaid under the company's credit facility may be reborrowed to fund the company's new build program or for general corporate purposes.

As of Dec. 31, the weighted average interest rate on outstanding borrowings under Atwood's credit facility was 3.1%. Atwood's credit facility matures in May 2016, according to the filing.

Borrowings under the company's credit facility were incurred for general corporate purposes, including funding the construction of Atwood's new build program and other capital expenditures.

Atwood Oceanics is a Houston-based company involved in offshore drilling and the 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.