August.18.2017
Deepwater drilling contractor Seadrill Partners has completed amendments to three secured credit facilities that will insulate it from the restructuring efforts of its parent company, Seadrill Limited.
The amendments to the three facilities remove Seadrill Limited and its consolidated entities as a borrower or guarantor, separate the facilities so that Seadrill Partners’ facilities are secured only by the Seadrill Partners’ assets, and extends the maturities of Seadrill Partners’ facilities by 2.5 years.
Additionally, Seadrill Partners has agreed to a prepayment of $100 million upon closing and two subsequent prepayments of $25 million, as well as certain covenant and security amendments and the cancellation of a $100 million revolver provided by Seadrill Limited.
A cross-border Orrick team advised the conflicts committee of Seadrill Partners’ board on the matter. The team was led by Houston capital markets partner David Ronn and included partners Alan Knoll (structured finance), Andrew Mattei (banking and finance), Raniero D’Aversa, Stephen Phillips and Laura Metzger (restructuring), and Steve Foresta (complex litigation) and associates Ryan Giggs, Mason Harry, Debra Felder and Joe Lawlor.