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Northern Offshore agrees on USD120m credit facility.

NORDIC BUSINESS REPORT-26 April 2010-Northern Offshore agrees on USD120m credit facility(C)1994-2010 M2 COMMUNICATIONS

26 April 2010 - Oslo-listed drilling rig operator Northern Offshore Ltd (OSL: NOF) said Monday it signed a USD120m secured revolving credit facility.

The lenders are The Royal Bank of Scotland plc (LON: RBS), Nordea Bank Norge, part of Sweden-based Nordea Bank (STO: NDA) and Dutch-based NIBC Bank NV.

The available portion of the facility is initially limited to USD30m until the company's USD100m bond loan, due 14 June 2010, is repaid in full.

The utilised portion of the loan bears interest at a rate of 3% over Libor with a non-utilisation fee of 1.5% paid quarterly in arrears on the unutilised portion.

(EUR1 = USD1.3)

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Publication:Nordic Business Report
Date:Apr 26, 2010
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