Diamond Offshore Announces $500M Private Placement of Senior Secured Second Lien Notes Due 2030
Portfolio Pulse from Benzinga Newsdesk
Diamond Offshore Drilling, Inc. (NYSE:DO) plans to offer $500 million in Senior Secured Second Lien Notes due 2030. The proceeds will be used to repay and terminate its term loan credit facility, redeem its Senior Secured First Lien PIK Toggle Notes due 2027, and repay all borrowings under its senior secured revolving credit agreement. Any remaining proceeds will be used for general corporate purposes.
September 12, 2023 | 12:41 pm
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Diamond Offshore Drilling's planned $500M notes offering could improve its financial position by repaying existing debts.
The planned offering could significantly improve Diamond Offshore Drilling's financial position by repaying its existing debts. This could potentially make the company more attractive to investors, potentially driving up its stock price in the short term.
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