Ensco plc (NYSE: ESV) announced today that it has closed a new four-year, $700 million unsecured revolving credit facility with a syndicate of twelve banks. Citibank, N.A. acted as administrative agent. Wells Fargo Bank and DnB NOR Bank ASA acted as syndication agents. The new facility replaces the Company's previous $350 million revolving credit facility that would have matured on 23 June 2010.
The new agreement contains provisions allowing the Company to request that the facility be increased to $850 million in capacity, subject to the consent of the lenders.
Chief Financial Officer Jay Swent said, "By doubling the capacity of the facility and securing a four-year term, we have achieved even greater flexibility to pursue our strategic plans. The wide support of the banking group underscores the strength of Ensco’s financial position and we are very pleased to have Citi acting as administrative agent and Wells Fargo and DnB NOR acting as syndication agents.”
Ensco has investment grade ratings with both Moody's Investor Service ("Baa1") and Standard & Poor's ("BBB+").
Ensco plc (NYSE:ESV) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. With a fleet of ultra-deepwater semisubmersible and premium jackup drilling rigs, Ensco serves customers with high-quality equipment, a well-trained workforce and a strong record of safety and reliability. To learn more about Ensco, please visit our website at www.enscoplc.com.