Latham Advises on Seadrill’s Upsized Offering of US$700 Million Senior Notes

Seadrill Limited (Seadrill) (NYSE: SDRL) has announced that Seadrill Finance Limited, an exempted company limited by shares incorporated under the laws of Bermuda and a wholly owned subsidiary of Seadrill (Seadrill Finance), has priced its offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, of US$700 million aggregate principal amount of 6.750% Senior Notes due 2034. The offering was upsized to US$700 million from the original offering size of US$600 million. Seadrill Finance intends to use a portion of the net proceeds from the offering to redeem all of its outstanding 8.375% Senior Secured Second Lien Notes due 2030, to pay the fees and expenses incurred in connection with the offering and for general corporate purposes.

Latham advised the initial purchasers on the transaction with a Capital Markets team led by Austin partner David Miller, Houston partner John Greer, and Chicago counsel Manasi Bhattacharyya, with associates Caitlyn Fiebrich, Carol Bale, Luisa Gomez Yokubaitis, Natalie Merten, and with assistance from Tyler Brown. Advice on tax matters was provided by Houston partner Bryant Lee, with associate Lucas Migliano; on environmental matters by Los Angeles/Houston partner Joshua Marnitz, with associate Jacqueline Zhang; and on ERISA matters by Washington, D.C. partner Adam Kestenbaum, and Los Angeles/New York counsel Aryeh Zuber.