Odfjell Drilling prices $650m senior secured bonds due 2031

Odfjell Drilling Ltd., through its wholly-owned subsidiary Odfjell Rig III Ltd., has successfully priced $650 million of senior secured first lien bonds. These bonds mature in March 2031 and carry a fixed coupon of 7.25%, payable semi-annually. The proceeds will primarily refinance existing debt, partly finance the acquisition of Deepsea Bollsta, and serve general corporate purposes. An application will be made to list the bonds on the Oslo Stock Exchange within nine months.

Concurrently, Odfjell Rig III Ltd. will issue a call notice for its outstanding bonds, with an expected call date in mid-December 2025. This move aligns with the company's financial restructuring and strategic objectives.

DNB Carnegie, Pareto Securities, and Danske Bank acted as global coordinators and joint bookrunners. Clarksons Securities AS, Fearnley Securities AS, and SB1 Markets also participated as joint bookrunners.