Rowan Cos. (RDC) Amends, Extends Revolving Facility; Eliminates Quarterly Dividend

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Go back to Rowan Cos. (RDC) Amends, Extends Revolving Facility; Eliminates Quarterly Dividend

Rowan Announces Extension of Revolving Credit Facility, Early Retirement of Debt and Elimination of Quarterly Dividend

January 27, 2016 7:00 PM EST

HOUSTON, Jan. 27, 2016 /PRNewswire/ -- Rowan Companies plc ("Rowan" or "Company") (NYSE: RDC) announced today that effective January 25, 2016, the Company amended its revolving credit agreement to extend the maturity date by one year to January 23, 2021 from January 23, 2020. Availability under the facility is $1.5 billion through January 23, 2019, declining to $1.44 billion through January 23, 2020, and to approximately $1.29 billion through the maturity in 2021. The facility is undrawn today. Additionally, during the fourth quarter of 2015, the Company retired approximately $98 million of outstanding senior notes which would have come due over the next four years, eliminating over $21... More