Chiles Offshore LLC Completes Finance Moves To Free Up Cash

Wednesday, January 05, 2000
Chiles Offshore has raised $15 million through the sale of equity interests to its current equity holders. The proceeds were used by the company to repurchase and retire $15 million aggregate principal amount of its 10% Senior Notes due 2008, resulting in $95 million of Senior Notes remaining outstanding after the repurchase. Following such repurchase, the banks party to the company's existing $25 million credit facility increased the available credit under such facility to $40 million and extended the final maturity for such facility from December 31, 2004 to December 31, 2006. Chiles Offshore owns and operates two new LeTourneau Enhanced and Super 116 class cantilevered drilling units designed to operate in up to 375 ft. of water with heavy drilling capability, featuring many enhancements and technologies that make these drilling units the safest and most productive in their class. These units are, furthermore, designed for deep, high pressure and high temperature drilling such as subsalt drilling in the U.S. Gulf of Mexico.

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