Seadrill Announces Successful Completion of Consent Solicitation

Source: www.gulfoilandgas.com 7/12/2021, Location: South America

Seadrill Limited ("Seadrill") (SDRLF) and the Issuer announce, further to the announcement made by Seadrill and the Issuer on July 2, 2021, the successful completion of the consent solicitation process (the "Consent Solicitation") to amend certain terms of the indenture (the "Indenture"), dated as of July 2, 2018, and as amended and supplemented by that certain first supplemental indenture dated as of March 11, 2019, related to the Issuer's outstanding 12.0% Senior Secured Notes due 2025 (the "Notes").

The Consent Solicitation expired at 5 p.m., New York City time, on July 9, 2021.

Approximately 80% in aggregate principal amount of the Notes consented to the proposed amendment. The Issuer has entered into a supplemental indenture (the "Second Supplemental Indenture") related to the Notes, effective July 9, 2021. The amendment permits the Issuer to use the Net Realization Proceeds (as defined in the Indenture) as of the date of the Second Supplemental Indenture that have not previously been deemed to constitute "Excess Proceeds" to fund reorganization expenses of the Issuer and to advance funds by way of loan or other investments in the form of debt to SeaMex Ltd., its successors, and its and their respective subsidiaries to meet their ongoing operating and administrative needs, including operating disbursements, personnel costs, personnel taxes, direct and indirect taxes, debt service, and other costs and expenses.


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