Grupo R Gets 9 Banks in Loan Syndicate

Grupo R has closed its $225m 5-year platform syndication through BBVA with 9 banks on board. Joint bookrunners and MLAs are BESI, Natixis, NIBC, Societe Generale, Unicredit and WestLB. MLAs are Credit Industiel et Commercial and Sumitomo Mitsui Banking Corporation, while ITF came in as a senior lead arranger. It pays Libor plus 375bp in the first 2 years, 400bp in years 3-4, and 425bp in the fifth year, with up-front fees of 300bp. BBVA was financial advisor and admin agent on the deal, which it says was oversubscribed. The transaction supports the acquisition of PetroRig III, an ultra-deepwater semi-submersible drilling rig that will operate under a lease with Mexico’s Pemex. PetroRig III is a sixth generation ultra deepwater semi-submersible mobile offshore drilling unit of Friede & Goldman ExD Design. It is designed to operate at a water depth of 7,500 feet and drill up to 40,000 feet, and was built by the Jurong Shipyard in Singapore.