Atwood upsizes credit agreement to $1.55 billion, extends to May 2018

By Tali Rackner

Norfolk, Va., April 11 - Atwood Oceanics Inc. and Atwood Offshore Worldwide Ltd. entered into a restated agreement with Nordea Bank Finland plc, New York Branch, according to an 8-K filing with the Securities and Exchange Commission.

The restated agreement extends the maturity of the credit agreement to May 2018, increases the total commitments to $1.55 billion and reduces the interest rates and commitment fees.

Borrowings now bear interest at Libor plus a margin of 175 basis points to 200 bps and the commitment fee on the unused portion ranges from 30 bps to 40 bps, in each case based on the corporate credit ratings of the company.

Houston-based Atwood Oceanics is an offshore drilling, exploration and development company.

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