Shearman And Sterling

News June 20, 2014

Shearman & Sterling Advises Initial Purchasers on £175 Million High Yield Notes Offering of Bibby Offshore Services Plc

Shearman & Sterling represented Credit Suisse Securities (Europe) Limited and Barclays Bank PLC, as initial purchasers and joint bookrunners, in connection with the offering of £175 million 7.50% senior secured notes due 2021 issued by Bibby Offshore Services Plc, a wholly owned subsidiary of Bibby Offshore Holdings Limited ("Bibby"). The net proceeds from the issue and sale of the Notes will be used to refinance existing debt obligations of Bibby and its subsidiaries, to pay a dividend, to pay fees and expenses and for general corporate purposes. The Senior Secured Notes will be guaranteed on a senior basis by certain subsidiaries of Bibby Offshore Holdings Limited. The offering, which was conducted pursuant to Regulation S and Rule 144A under the US Securities Act, closed on June 19, 2014. Additionally, Shearman & Sterling’s lawyers advised Barclays Bank PLC as agent in connection with Bibby's entry into a new £20 million revolving credit facility agreement.

Bibby is an offshore and subsea services provider in the oil and gas industry with a leading position in the North Sea and growing international operations. Bibby offer an integrated service portfolio that encompasses project management, engineering, procurement and subsea intervention services to build, maintain and extend the life of subsea oilfields.

The Team