Published on 5/12/2023 in the Prospect News High Yield Daily.
New Issue: Odfjell Drilling sells $390 million 9¼% five-year secured notes at par
Portland, Ore., May 12 – Odfjell Drilling Ltd. priced $390 million of 9¼% five-year secured notes (B2/B+) at par on Friday, according to an informed source.
DNB Markets was the global coordinator. Joint lead managers were Danske Bank, SpareBank 1 Markets, ABG Sundal Collier and Fearnley Securities.
The oil drilling, well service, and engineering company, which maintains headquarters in London, plans to use proceeds to refinance debt and for general corporate purposes.
| Issuer: | Odfjell Drilling Ltd.
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| Amount: | $390 million
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| Issue: | Secured notes
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| Maturity: | May 31, 2028
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| Global coordinator: | DNB Markets
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| Joint lead managers: | Danske Bank, SpareBank 1 Markets, ABG Sundal Collier and Fearnley Securities
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| Coupon: | 9¼%
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| Price: | Par
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| Yield: | 9¼%
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| Call protection: | 2.5 years
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| Trade date: | May 12
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| Ratings: | Moody’s B2
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| S&P: B+
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| Price talk: | 9 1/8% to 9¼%
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