Songa Offshore SE announce USD 1.1bn senior secured credit facility signed
Songa Offshore SE is pleased to announce that the documentation for the previously announced USD 1.1 billion senior secured credit facility for the financing of the last two Cat D drilling rigs, Songa Encourage and Songa Enabler, has been completed and the loan agreements have been signed by all parties.
The financing consists of a revolving pre-delivery financing of USD 90 million per rig and a post-delivery financing of USD 550 million per rig. The pre-delivery loan will be priced at LIBOR plus 3.00%, the post-delivery loan will be priced at LIBOR plus 2.50% and was substantially oversubscribed. The post-delivery financing has a tenor of 5 year and an approximately 11.5 year amortization profile.