DIAMOND OFFSHORE DRILLING, INC.: debt financing — Diamond Offshore issues $550M 8.5% second-lien notes due 2030 to refinance debt

DIAMOND OFFSHORE DRILLING, INC.

$550M aggregate principal, 8.5% coupon, due Oct 1 2030; net proceeds ~$540M.
Proceeds used to repay term loan, redeem 2027 PIK toggle notes, and repay revolver borrowings.
Notes fully guaranteed by Company and certain subsidiaries; secured on second-priority basis.
Redemption prices: 104.25% in 2026, 102.125% in 2027, 100% thereafter; make-whole prior to Oct 2026.
Indenture includes covenants restricting debt, liens, dividends, asset sales, and affiliate transactions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DIAMOND OFFSHORE DRILLING, INC. incurred senior notes of $550 million with HSBC Bank USA, National Association at 8.500% maturing October 1, 2030.

Instrument: senior notes
Principal: $550 million
Counterparty: HSBC Bank USA, National Association
Rate: 8.500%
Maturity: October 1, 2030
Event: incurrence

Exact text from the filing

issued $550 million aggregate principal amount of 8.500% Senior Secured Second Lien Notes due 2030

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DIAMOND OFFSHORE DRILLING, INC. entered into Indenture with HSBC Bank USA, National Association valued at $550 million (effective 2023-09-21).

Action: entry
Agreement: notes offering
Counterparty: HSBC Bank USA, National Association
Value: $550 million
Effective: 2023-09-21

Exact text from the filing

Indenture, dated as of September 21, 2023 (the “Indenture”), entered into among the Issuers, the Company and certain subsidiaries of the Company named therein (the “Guarantors”) and HSBC Bank USA, National Association, as trustee

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Source: SEC EDGAR

accession 0001193125-23-240029

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