Conyers Dill & Pearman advises banks and lenders on senior-secured credit facility

Conyers Dill & Pearman has advised ING Bank, and other banks and lenders, in relation to the establishment of a senior-secured $1.45bn (£934m) credit facility.

The credit facility involves, among others, Seadrill Tellus, Seadrill Auriga and Seadrill Vela as joint and several borrowers; Seadrill as parent and guarantor; and certain banks and financial institutions as lenders, including ING Bank as facility agent, security agent, documentation agent, commercial co-ordinator and commercial bookrunner.

The proceeds from the establishment of the facility will be used to finance the construction and delivery of certain sixth-generation ultra-deepwater drillships.

Paul Nystrom and Kathleen Moniz, from Conyers Dill & Pearman’s Bermuda office, advised on the matter.