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Conyers Dill & Pearman advised DVB Bank America N.V. as mandated lead arranger and Norsk Tillitsmann ASA as bond trustee each acting on behalf of a consortium of financial institutions, in connection with the provision of a US$550 million ship financing package to Chloe Marine Corporation Ltd. The proceeds were used to part finance the delivery of m.v. Deepsea Metro II, a new sixth generation ultra deepwater drillship built at Hyundai Heavy Industries.
The financing package comprised first priority secured term loan facilities of approximately US$400 million together with an offering, by way of private placement, of US$150 million second priority senior secured notes issued by Chloe Marine Corporation Ltd.
Sheba Raza of Conyers’ London office and Jason Piney of Conyers’ Bermuda office advised on Bermuda law aspects of the credit agreement, notes documentation and related security package, working alongside Vogt & Wiig and BA-HR each of whom advised DVB Bank America N.V. and Norsk Tillitsmann ASA respectively on the Norwegian law aspects of the loan and bond aspects of the transaction as applicable. Wikborg Rein acted as International Lead Counsel to Chloe Marine Corporation Ltd.
Chloe Marine Corporation Ltd. is part of the Deep Sea Metro Group, a joint venture between Odfjell Drilling Ltd. and Metro Exploration Holding Group.