Seadrill draws new banks to $1.5bn ECA deal

摘要

Offshore drilling company Seadrill has signed a $1.5 billion loan agreement with a series of new banks, while the same three ECAs have returned to the deal. The company dosed this loan $50 million higher than last year, Trade Finance can reveal. The Export-Import Bank of Korea (Kexim) returns as mandated lead arranger (MLA) with a $400 million allocation. Kexim's tranche consists of $220 million in direct lending and a $180 million guarantee, a source dose to the deal told Trade Finance. Korea Trade Insurance Corporation (K-Sure) has committed a $400 million tranche, which features 95% insurance cover. Both Korean ECA tranches come with a 12-year tenor. Garanti-instituttet for eksportkreditt (GIEK) is the third ECA on the deal with a 12-year $400 million portion, and funded by Eksportkreditt Norge AS, the source confirmed.