By Rebecca Melvin
Concord, N.H., Feb. 4 – Odfjell Drilling Ltd.’s newly announced contemplated spinoff Odfjell Technology Ltd., priced NOK 1.1 billion of four-year senior secured bonds that will bear interest at a floating-rate of Nibor plus 700 basis points, according to a news release.
Proceeds, together with proceeds of a new $25 million super senior revolving credit facility at Libor plus 375 bps, will be used to carry out the company’s internal reorganization and to repay its existing $150 million credit facility related to the spinoff business.
DNB Markets, Danske Bank and Nordea were joint bookrunners of the Regulation S deal.
Wikborg Rein Advokatfirma AS acted as legal counsel.
The oil drilling, well service and engineering company is based in Stavanger, Norway.
| Issuer: | Odfjell Technology Ltd.
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| Guarantor: | Odfjell Drilling Ltd.
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| Issue: | Senior secured bonds
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| Amount: | NOK 1.1 billion
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| Maturity: | February 2026
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| Bookrunners: | DNB Markets, Danske Bank and Nordea
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| Coupon: | Nibor plus 700 bps
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| Announcement date: | Feb. 4
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| Distribution: | Regulation S
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