Rowan amends revolver, gets new one for $1.27 billion total capacity

By Wendy Van Sickle

Columbus, Ohio, May 22 – Rowan Cos. plc amended its existing revolving credit facility and entered into a new credit agreement providing for an additional senior unsecured revolver. Together the credit facilities provide for initial borrowing capacity of about $1.27 billion, according to a press release.

The new five-year revolver has a capacity of $955 million, while the existing revolver was amended to provide for availability of about $311 million, with step-downs over the next two years.

The maturity of the existing revolver remains January 2021.

The new revolver includes additional guarantees from some Rowan entities and includes some additional restrictions on Rowan and its subsidiaries.

Rowan is a contract drilling services provider based in Houston.

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