Commentary & Deal Flow

EM/HY: Shelf Drilling Holdings Ltd (SHLFDI) $1.075bn 144A/Reg S sr sec 1st lien notes due 2029 (5.5y). Mandatory amortization: approx 7% annualized of the original issue amount p.a. ($75m annually with $37.5m semi-annual payment starting Oct-2024) mandatory redemption (fixed for life of Notes). NC2 (MWC T+50bp). Equity claw: 2y 40%. Expect B3/B-/B. Via GS/DNB/JPM/Santander/Sparebank 1 jt books, Arctic, Clarksons, Fearnley as co-manager. No reg rights. List ISE. NY law. 144A ISIN: US822538AH74. IPT: 10.25% area yield w/approx 2 pts OID. Investor call at 1pm NYT / 6pm UKT today and 8am NYT / 1pm UKT tomorrow. Pricing this week. UOP: along with $55m proceeds from a private equity offering and a $50m TLA, to refinance its existing $310m sr sec notes due Nov 2024 and $900m sr notes due Feb 2025. Biz: a leading intl shallow water offshore drilling contractor providing equipment and services for the drilling, completion, maintenance and decommissioning of oil and natural gas wells. HQ: Dubai, UAE.