Each one in plain English, with the numbers worked through for a shareholder.
11 Apr 2014debt financing▲ GoodMajor
Atwood's lenders extended its credit facility to May 2018 and raised total commitments to a peak $1.55 billion while cutting interest costs -- the high point of the company's borrowing capacity, just months before oil prices began their 2014 collapse.
Columbia Wanger Asset Management, LLC reported a ATWOOD OCEANICS INC shareholding of 3,816,398 shares (5.90% of votes) in a periodic institutional filing.
Wellington Management Company, LLP reported a ATWOOD OCEANICS INC shareholding of 1,346,081 shares (2.10% of votes) in a periodic institutional filing.
Atwood agreed to sell its older jackup, the Vicksburg, to Qatar's Gulf Drilling International for $55.4 million, closing expected in early 2014 -- shedding one of its smaller, lower-spec units as the fleet skews toward new high-spec drillships and jackups.
Atwood amended its credit agreement to remove scheduled reductions and add incremental commitments, lifting the facility's maximum potential size to $1.3 billion -- borrowing capacity now sized to match its roughly $2.4 billion of newbuild commitments across four drillships and several jackups.
A fourth drillship, the $635 million Atwood Archer, was ordered from DSME for December 2015 delivery -- the fleet's 17th unit and the fourth identical ultra-deepwater drillship ordered in under two and a half years.
Atwood raised another $200 million by tapping its existing 6.50% senior notes due 2020, bringing that bond issue to $650 million total -- more funding for the newbuild program.
The Helmerich & Payne share buyback's closing was pushed back to June 27 and the payment increased by $200,000 -- a minor amendment to the deal announced in May.