Bracewell LLP represented Citibank, N.A., as administrative agent, in an extension and restructuring of a $2,002,500,000 unsecured revolving credit facility to publicly traded offshore drilling company Ensco plc (Ensco), in connection with Ensco’s acquisition of Atwood Oceanics, Inc. (Atwood).
The effect of the amendment was to provide the combined companies with enhanced liquidity through September 30, 2022, to provide lenders additional credit enhancements, including upstream guaranties by certain rig-owning subsidiaries, and to add new lenders from Atwood’s prior credit facility.
Ensco’s combination with Atwood was approved by its shareholders on October 5, 2017, and completed on October 6, 2017.
Operating one of the newest ultra deep-water rig fleets and a leading premium jackup fleet, Ensco has a major presence in the most strategic offshore basins across six continents.
Bracewell advised with a team including Kate H. Day (Picture), Jennifer Feldsher, Kurt A. Mayr, Anna K. Miller and Emily A. Banse.
Involved fees earner: Kate Day – Bracewell & Giuliani; Jennifer Feldsher – Bracewell & Giuliani; Kurt Mayr – Bracewell & Giuliani; Anna Miller – Bracewell & Giuliani; Emily Banse – Bracewell & Giuliani;
Law Firms: Bracewell & Giuliani;