Capacity Doubled to $700 Million
LONDON--(BUSINESS WIRE)--
Ensco plc (NYSE: ESV) announced today that it has closed a new
four-year, $700 million unsecured revolving credit facility with a
syndicate of twelve banks. Citibank, N.A. acted as administrative agent.
Wells Fargo Bank and DnB NOR Bank ASA acted as syndication agents. The
new facility replaces the Company's previous $350 million revolving
credit facility that would have matured on 23 June 2010.
The new agreement contains provisions allowing the Company to request
that the facility be increased to $850 million in capacity, subject to
the consent of the lenders.
Chief Financial Officer Jay Swent said, "By doubling the capacity of the
facility and securing a four-year term, we have achieved even greater
flexibility to pursue our strategic plans. The wide support of the
banking group underscores the strength of Ensco's financial position and
we are very pleased to have Citi acting as administrative agent and
Wells Fargo and DnB NOR acting as syndication agents."
Ensco has investment grade ratings with both Moody's Investor Service
("Baa1") and Standard & Poor's ("BBB+").
Ensco plc (NYSE:ESV) brings energy to the world as a global provider of
offshore drilling services to the petroleum industry. With a fleet of
ultra-deepwater semisubmersible and premium jackup drilling rigs, Ensco
serves customers with high-quality equipment, a well-trained workforce
and a strong record of safety and reliability. To learn more about
Ensco, please visit our website at www.enscoplc.com.
Source: Ensco plc