Schahin Closes Platform Loan

Schahin Closes Platform Loan

Brazil Loans

Brazil’s Grupo Schahin has closed a $692m syndicated loan being used to buy twin deepwater drilling platforms known as Black Diamond. The loan comprises a $350m 12-year, Kexim-financed tranche that came with a margin of Libor+310bp, and a $342m 10-year commercial loan, whose margins step up every 3-years, starting at Libor+270bp and ending at +290bp.The funds, borrowed through an SPV called Arisaru Drilling, will fund the purchase of the platforms, to be chartered to Petrobras. The project cost

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