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Pacific Drilling D.I.P. Financing Sought

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Pacific Drilling filed with the U.S. Bankruptcy Court a motion for interim and final orders authorizing the use of cash collateral and scheduling a final hearing.

The motion explains, “The Prepetition Debt with claims against Ship Group A was incurred in June, 2013. It consists of a $500 million revolving credit facility due June 3, 2018 (the ‘Revolving Credit Facility’), $750 million in principal amount of 5.375% senior secured notes due June 1, 2020 (the ‘2020 Notes’), and a $750 million senior secured term loan due June 3, 2018 (the ‘Term Loan B Credit Facility’). Citibank is administrative agent….The Prepetition Debt with claims against Ship Group B was incurred when Debtors Pacific Sharav S.à.r.l. (‘PSS’) and Pacific Drilling VII (‘PDVII,’ and together with PSS, the ‘SSCF Borrowers’) entered into that certain Senior Secured Credit Facility Agreement, dated as of February 19, 2013, the ‘Senior Secured Credit Facility Agreement’….Wilmington Trust, National Association, as successor Administrative Agent, GIEK Facility Agent, Security Agent, and Account Bank.”

In addition, “The Ship Group C Debt is secured on a first-priority basis by liens on the Pacific Khamsin and substantially all of the other assets of PDV, a pledge of the equity of PDV and by assignments of earnings and insurance proceeds related to the Pacific Khamsin. The collateral securing the Debtors’ obligations under the Ship Group C Debt pursuant to the 2017 Senior Secured Notes Indenture and related documents is referred to herein as the ‘Ship Group C Collateral.'”

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The post Pacific Drilling D.I.P. Financing Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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