Deal description: Shelf Drilling, Ltd. ("Shelf Drilling" or the "Company", OSE: SHLF), announced that its indirect wholly owned subsidiary Shelf Drilling (North Sea) Holdings, Ltd. (the "Issuer"), which is an indirect wholly owned subsidiary of Shelf Drilling (North Sea), Ltd. ("SDNS"), has on September 26, 2022 issued $250 million aggregate principal amount of 10.25% senior secured notes due 2025 (the "notes"). The Issuer intends to use the net proceeds from the notes offering to pay part of the purchase price for SDNS's previously announced acquisition of five jack-up rigs from various subsidiaries of Noble Corporation ("Rig Acquisition"). The proceeds from the notes offering will be deposited into escrow and will be released at completion of the Rig Acquisition.
Baker Botts represented the placement agents in the transaction, Credit Suisse Securities (USA) LLC and DNB Markets, Inc.
The Company's press release may be found here.
Baker Botts Lawyers/Offices:
Corporate: James Marshall (Partner, Houston), Clint Culpepper (Partner, Austin), Caitlin Lawrence (Special Counsel, Houston), Garrett Hughey (Senior Associate, Houston), Jenna Kabrich (Associate, Austin)