Commentary & Deal Flow

In the Nordic/EM market: Shelf Drilling (North Sea) Holdings Ltd (SHLFNS) US$315m (no grow) sr sec 1st lien notes due 11/22/28 (4.5y). US$10m semi-annual amortization starting in 12mos. NC2 (MWC), then at104.938, 102.469 (par + 50%, 25% )after 24, 30 months, at 101 after 36 months, and 100 the last 12 months. Via DNB gloco (B&D)/Arctic/Clarksons jt books. List Nordic ABM. Norwegian law. Semi pay. Trade date today. Settles 05/22. IPT: 10.375%-10.625% (inclusive of up to approx. 2 points of OID), Guidance: 10.375%-10.50% WPIR equivalent (coupon 9.875%-10.00% at 98.35%, annual yield 10.64%-10.78%),

Priced: 9.875% at 98.35, yield 10.375% (annual yield 10.64%),

Did roadshow 04/22-24. Books close at 5pm CEST, 11am NYT today. UOP: refinance the outstanding US$243.75m 10.25% sr secured notes due 10/21/25 (callable at 101.50), fund the previously disclosed $50m short-term liquidity requirement, and GCP. Biz: SHLFNS, part of the Shelf Drilling Group (SHLFDI), is a shallow water offshore drilling contractor, primarily in the North Sea, providing equipment and services for the drilling, completion, maintenance and decommissioning of oil and natural gas wells. HQ: Dubai, UAE.