Aug 2023
Conyers advised Seadrill Limited (“Seadrill”) (NYSE & OSE: SDRL) and several of its Bermuda subsidiaries, including Seadrill Finance Limited (“Seadrill Finance”) and its Cayman subsidiary, on all aspects of Bermuda law and Cayman Islands law in connection with an additional US$75 million in aggregate principal amount 8.375% Senior Secured Second Lien Notes due 2030 (the “Incremental Notes”) issuance by Seadrill Finance and related security package.
The Incremental Notes will mirror the terms of the US$500 million aggregate principal amount of 8.375% Senior Secured Second Lien Notes due 2030, which were issued on July 27, 2023 (the “Original Notes”). By September 7, 2023 (the “Exchange Date”), the Incremental Notes will be automatically exchanged for an equal aggregate principal amount of U.S. dollar-denominated senior secured second lien notes, becoming fully fungible with the Original Notes and treated as additional notes under the indenture.
The net proceeds from the Offering will be used for general corporate purposes and to pay certain fees and expenses in relation to the Offering.
Bermuda Director Jennifer Panchaud, London Counsel Karoline Tauschke and Barnabas Finnigan and Bermuda Associate Lauren Pereira advised on the transaction, working alongside Baker Botts LLP.