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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Razorbak who wrote (40523)3/21/1999 5:00:00 PM
From: Ditchdigger  Read Replies (1) of 95453
 
Thanks Sam, greatly appreciated. Will be interesting to watch for sure.I did purchase a few longterm tickets to the show last week and added Friday...DD
PS: am I correct in thinking, due to Fridays debt placement,cash flow from the Frontier and RBS8M should now come into the company without attachments on these two?
"The Company is currently evaluating two project financings to meet a portion of
its additional capital requirements. The first is an approximately $270.0 million
financing in the form of a synthetic lease that would be collateralized by the
drillship Deepwater Frontier and drilling contract revenues from such drillship.
Proceeds of such financing, if obtained, would be used in part to repay an interim
financing facility, under which $135.0 million is currently outstanding. The
foregoing interim loan has been made to a limited liability company which will
operate the Deepwater Frontier and which is owned 60% by the Company and
40% by Conoco. The Company has guaranteed repayment of 60% of this interim
loan. The second financing being contemplated is an approximately $250.0 million
project financing that would be collateralized by the semisubmersible RBS8M
(formerly the RBS6), as well as the drilling contract revenues from such rig. "
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