Delba Wraps Up Rig Financing

The $488m financing has closed for the Brazilian deepwater oil drilling rig sponsored by Delba and Interoil. WestLB arranged the transaction, which featured a $100m commitment from the IDB in the form of an A/B loan. Pricing on the $460m 10.5-year project loan and $12m working capital facility starts at 237.5bp over Libor, stepping up to 250bp at completion. A $12m short-term facility pays 125bp. Participants Dexia, DVB, KfW, Depfa, Itau BBA, Natixis, Cifi, Caterpillar Financial and Nordkap took tickets of $10-$60m, having been pared down from $75m commitments. The $130m in financial equity was placed with German Private Equity Firm MPC Capital.