Pacific Drilling Announces Entry into Revolving Credit Agreement
10 Febrero 2020 - 08:31AM
Business Wire
Pacific Drilling S.A. (NYSE: PACD) (the “Company”) announced
today that it has entered into a $50 million first lien
superpriority revolving credit agreement with Angelo, Gordon Energy
Servicer, LLC, as administrative agent and the lenders party
thereto (the “Revolving Credit Agreement”). The Company expects to
use any future borrowings under the Revolving Credit Agreement to
finance working capital and capital expenditure needs.
The Company’s obligations under the Revolving Credit Agreement
are guaranteed by all of the subsidiaries that guaranty the
Company’s 8.375% First Lien Notes due 2023 (“First Lien Notes”) and
11.0/12.0% Second Lien PIK Notes due 2024 (together, the
“Notes”).
The Revolving Credit Agreement is secured by a sole
first-priority lien on the Company’s and the guarantors’ accounts
receivable and a shared first-priority lien (with holders of the
First Lien Notes), on all assets serving as collateral under such
First Lien Notes, with a superpriority right to repayment ahead of
other first lien holders in an enforcement action.
The facility represents a portion of the Company’s permitted
indebtedness capacity under the Indentures governing the Notes
while preserving other permitted indebtedness capacity, such as the
ability to incur up to $50 million with respect to a capital lease
facility or to incur up to $50 million through use of our general
indebtedness basket, which may be secured.
Pacific Drilling CEO Bernie Wolford commented, “We are pleased
to partner with Angelo Gordon for this three-year $50 million
facility. As we continue to see the market for high-specification
drillships improve, this facility allows us the financial
flexibility to take advantage of new opportunities.”
Angelo Gordon Head of Energy Todd Dittmann commented, “We are
very excited about working with Pacific Drilling and its
industry-leading management team, to provide important access to
capital that in combination with the Company’s top tier clients,
young fleet and safe, efficient and reliable portfolio of drilling
services, should create meaningful value for all stakeholders.”
About Pacific Drilling
With its best-in-class drillships and highly experienced team,
Pacific Drilling is committed to exceeding our customers’
expectations by delivering the safest, most efficient and reliable
deepwater drilling services in the industry. Pacific Drilling’s
fleet of seven drillships represents one of the youngest and most
technologically advanced fleets in the world. Pacific Drilling has
principal offices in Luxembourg and Houston. For more information
about Pacific Drilling, including our current Fleet Status, please
visit our website at www.pacificdrilling.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200210005243/en/
Investor Contact: James Harris Pacific Drilling S.A. +713 334
6662 Investor@pacificdrilling.com
Media Contact: Amy L. Roddy Pacific Drilling S.A. +713 334 6662
Media@pacificdrilling.com
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