SBM Offshore NV (Amsterdam: SBMO) has successfully completed the refinancing and expansion of its existing revolving credit facility of USD500m to a new USD750m facility.
The company said today that the targeted syndication to a select group of banks found very strong interest and resulted in a substantial oversubscription.
This new facility, which represents the company’s core source of corporate bank financing, will reportedly be used by SBM principally to finance the construction phase of projects as well as for general corporate purposes.
The facility has a five-year tenor with margin over Libor derived from a leverage grid.
Bookrunning mandated lead arrangers for the facility were BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ, Fortis Bank N.V as the documentation agent, ING Bank NV as the facility agent, Mizuho Corporate Bank as coordinator and Rabobank.
The mandated lead arrangers for the facility were Credit Agricole CIB, Lloyds TSB Bank, Natixis, The Royal Bank of Scotland N.V and Societe Generale.
The lead arrangers were BBVA, NIBC Bank N.V. and Sumitomo Mitsui Banking Corporation Europe.
SBM Offshore provides supplies and construction services for the offshore oil and gas drilling industry.
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Source: Sbmoffshore , June 25, 2010