Songa Offshore SE has announced that the documentation for the 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.