Odfjell Drilling talks $390 million five-year notes at 9 1/8%-9¼%; pricing Friday

By Paul A. Harris

Portland, Ore., May 12 – Odfjell Drilling talked a $390 million offering of secured notes due May 31, 2028 (B2/BB) to yield 9 1/8% to 9¼%, according to market sources.

Pricing is set for Friday.

The five-year notes come with 2.5 years of call protection.

The notes will be secured by a mortgage on the rigs Deepsea Atlantic and Deepsea Aberdeen.

Danske Bank, SpareBank 1 Markets, ABG Sundal Collier and Fearnley Securities are leading the offering.

The oil drilling, well service and engineering company, which maintains headquarters in London, plans to use proceeds from the notes, in addition to the credit amendments, to refinance debt.

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