Loan & DebtJun 30, 2026, 04:38 PM
Seadrill Finance Issues $700M Senior Notes Due 2034
AI Summary
Seadrill Finance Limited, a wholly owned subsidiary of Seadrill Limited, issued $700 million in 6.750% Senior Notes due 2034. These Notes are guaranteed by Seadrill Limited and certain subsidiaries, with interest payable semi-annually. The proceeds from this offering were used to redeem approximately $575 million of the company's outstanding 8.375% Senior Secured Second Lien Notes due 2030, which were redeemed at varying prices depending on the principal amount.
Key Highlights
- Seadrill Finance Limited issued $700 million in 6.750% Senior Notes due 2034.
- Interest on the Notes is payable semi-annually on January 15 and July 15.
- The Issuer may redeem Notes from July 15, 2029, at prices starting at 103.375%.
- Up to 40% of Notes can be redeemed before July 15, 2029, at 106.750% using equity proceeds.
- The offering facilitated the redemption of approximately $575 million of 8.375% Senior Secured Second Lien Notes due 2030.
- The 2030 Notes were redeemed at 103% for 10% of principal and 100% plus make-whole for the remainder.
Price Impact
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