Drillship Lances New Debt

Drillship Lances New Debt

Brazil Bonds

Brazil’s Schahin Engenharia has raised $270m in bonds to refinance debt on a drillship, securing a 5.85% yield. The BBB/Baa3 2016 through the Lancer Finance Company SPV priced at par, in line with a 5.5%-6.0% yield range it was heard looking for. The book was north of $400m, according to officials close to the trade, who note that pricing was about 200bp back of the Petrobras curve. The deal is secured by a payment flow related to a contract signed between Lancer, operated by Schahin, and Petrob

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