Atwood Oceanics Announces Credit Agreement
02 November 2007 - 6:36AM
PR Newswire (US)
HOUSTON, Nov. 1 /PRNewswire-FirstCall/ -- Atwood Oceanics, Inc.,
(Houston-based International Drilling Contractor - NYSE: ATW),
announced today that it, as guarantor, and its wholly-owned
subsidiary, Atwood Oceanics Pacific Limited, entered into a credit
agreement with several banks with Nordea Bank Finland Plc, New York
Branch as Administrative Agent for the lenders, Lead Arranger and
Bank Runner to provide funding for future growth opportunities and
for general corporation needs. The credit agreement provides for a
5-year $300,000,000 non-amortizing revolving loan facility, with
maturity in October 2012. Loans under the facility will bear
interest at varying rates ranging from 0.70% to 1.25% over
Eurodollar Rate, depending upon the ratio of outstanding debt to
earnings before interest, taxes and depreciation. The new credit
agreement replaces the previous credit agreement, as amended,
originally dated April 1, 2003, which has been terminated.
Currently, no funds have been borrowed under the new credit
facility. DATASOURCE: Atwood Oceanics, Inc. CONTACT: James Holland,
+1-281-749-7804, for Atwood Oceanics, Inc. Web site:
http://www.atwd.com/
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