SDLP - Seadrill Partners LLC Announces Launch of Term Loan B and Revolving Loan
London, United Kingdom, January 31, 2014 - Seadrill Partners LLC ("Seadrill
Partners" or the "Company") (NYSE: SDLP) announced today that it is launching a
proposed $1.7 billion senior secured term loan B and a $100 million first-out
senior secured revolving loan. The loans will be borrowed by three of the
Company's subsidiaries, as borrowers, guaranteed by certain of the borrower's
and their existing and future subsidiaries, and secured by four of the Company's
ultra-deepwater drilling rigs and certain other assets. Proceeds of the term
loan are to be used to refinance certain existing indebtedness, pay transaction
expenses, and for general company purposes. Â There can be no assurances that the
Company will be successful in its marketing efforts or that it will be able to
enter into the new term loan and new revolver. Closing of the new term loan and
new revolving loan, which is anticipated to occur in the third week of February
2014, is subject to negotiation and execution of definitive documents and
satisfaction of customary closing conditions.
Seadrill Partners was formed by Seadrill Limited to own, operate and acquire
offshore drilling rigs under long-term contracts. Its current fleet consists of
four semi-submersible rigs (the West Aquarius, the West Leo, the West Sirius and
the West Capricorn), one drillship (the West Capella), two tender rigs (the T-
15 and the T-16), and one semi-tender (the West Vencedor).
Deutsche Bank Securities Inc., is acting as Sole Global Coordinator. Deutsche
Bank Securities Inc., Credit Suisse Securities (USA) LLC, Barclays Bank PLC, and
RBC Capital Markets, are acting as joint lead arrangers and joint bookrunners.
ABN AMRO Capital USA LLC, HSBC Bank USA, N.A., ING Bank NV and BNP Paribas, are
acting as Co-Managers.
The statements in this press release that are not historical facts may be
forward-looking statements. These forward-looking statements, which include
statements related to the term loan and revolving loan and the anticipated use
of proceeds therefrom, are based upon the current beliefs and expectations of
Seadrill Partners' management and are subject to risks and uncertainties, which
could cause actual results to differ from the forward-looking statements. The
information set forth herein should be read in light of such risks. Seadrill
Partners does not assume any obligation to update the information contained in
this press release.
Questions should be directed to:
Graham Robjohns: Chief Executive Officer
Rune Magnus Lundetræ: Chief Financial Officer
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seadrill Partners LLC via GlobeNewswire
[HUG#1758505]