Etesco Cements Platform Loan

Etesco Cements Platform Loan


Drillship sponsor Etesco has raised $650m for a new 10-year Petrobras drillship concession. The deal includes a $380m commercial tranche with a 2.5-year construction period at Libor plus 325bp and an abbreviated post-completion period of 6 years at Libor plus 300bp, say project bankers on the deal. Challenging market conditions led Etesco to opt for a shorter post-completion period, which means it will need to refinance the facility within the coming several years in order to guarantee funds for

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