15 Nov 2018capital raising announcement● NeutralMajor
On November 15, 2018 the company announced it priced $350 million of 9.25% senior secured first lien notes due 2023 at par in a private placement, expected to close November 30, 2018. Proceeds are planned to repay and terminate the existing first lien credit agreement, redeem all of the 10% second lien notes due 2020, fund the remaining payments for the purchase of a new jack-up rig (if that purchase completes), and pay fees, with any remainder for general corporate purposes.