Appleby Advises Eldorado Drilling on USD425M Acquisition Financing
Appleby has advised Eldorado Drilling (Eldorado), on the financing of its acquisition of Vantage Drilling International Ltd, a Cayman Islands exempted company, via a Nordic bond. Eldorado issued US$425 million 9.125% senior secured bonds due 2026/2030. Net proceeds of the bond issue were used to finance the acquisition, refinance existing target debt and for general corporate purposes.
Fearnley Securities AS acted as Sole Global Coordinator and Joint Bookrunner, with Arctic Securities AS, DNB Carnegie, a part of DNB Bank ASA, and Pareto Securities AS acted as Joint Bookrunners for the bond issue. The bonds are to be listed on Euronext ABM.
The Appleby debt capital markets team was led by Managing Partner Simon Raftopoulos and included Senior Associate Andrew Barr, Associate April Ebanks and Article Clerk Jordanne Saunders. Appleby’s M&A team also advised Eldorado on the acquisition (more information available here).
The deal represents another milestone for Appleby’s market-leading acquisition finance practice in the Cayman Islands.
