Shelf Drilling Announces Proposed Secured Notes Offering

Source: www.gulfoilandgas.com 3/11/2021, Location: Middle East

Shelf Drilling Holdings, Ltd., a wholly owned subsidiary of Shelf Drilling, Ltd. (“Shelf Drilling”), announced that it plans to offer, subject to market conditions, $300 million aggregate principal amount of senior secured first lien notes due 2024 (the “notes”).

The notes will be guaranteed by Shelf Drilling and certain of the Company’s subsidiaries that guarantee its existing indebtedness and will be secured by a first-priority lien on substantially all of the assets of the Company and the subsidiary guarantors. The net proceeds from the notes offering will be used to repay and terminate our revolver, cash collateralize bank guarantees issued under the revolver, redeem or repurchase all of the outstanding 8.75% Senior Secured Notes due 2024 and for general corporate purposes.

The notes have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”), any state securities laws or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. Accordingly, the notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States in reliance on Regulation S under the Securities Act.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release shall not constitute an offer to purchase or a notice of redemption with respect to our Senior Secured Notes due 2024.


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