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Atlantica Tender Drilling has successfully secured USD 500 million in debt finance

Atlantica has successfully secured a total of USD 500 million debt finance to complete the company’s targeted debt funding (approx. 75% LTV) of its three wholly owned rigs, Beta, Gamma and Delta.

Atlantica announced that it has accepted an offer for a USD 350 million senior secured term loan and completed the issuance of USD 150 million second lien bond loan. The senior bank facility is offered and fully underwritten by ABN AMRO and DNB Bank ASA, as joint bookrunners and mandated lead arrangers, and ABN AMRO Bank as agent.  The new senior secured bank term loan will in part be a refinancing and replacement of BassDrill Beta Ltd.’s existing USD 125 million senior secured term loan (USD 116.7 million currently outstanding). The net proceeds from the USD 75 million bond tap issue (part of the above mentioned USD 150 million second lien bond) will also be used to part refinance the existing BassDrill Beta bank debt.