Ocean Rig UDW Inc. (ORIG)

[crazy horse 0]

Ocean Rig Agrees To Transfer Ownership Of The Ocean Rig Apollo

This CEO is shrewd, looks like things are going his way!

"I view this new development as beneficial for ORIG shareholders and the company. Below are the reasons why I consider it positively.

On September 1, 2016, the company filed a 6-K SEC report indicating the following:

Ocean Rig UDW Inc. (the "Company") announced today that the Company has entered into an amending and restating agreement, dated August 31, 2016 (the "Amending and Restating Agreement"), to amend and restate the secured term loan facility agreement, entered into on February 13, 2015, by and among Drillship Alonissos Shareholders Inc., a wholly owned subsidiary of the Company, as Borrower, a syndicate of lenders and DNB Bank ASA, as facility agent and security agent, for up to $475.0 million to partially finance the Ocean Rig Apollo (the "Loan Agreement").

Pursuant to the Amending and Restating Agreement, ("I") the Company has been released from its guarantee under the Loan Agreement, ("ii") the amount of mandatory prepayment required to be made due to the termination of drilling contract fo theOcean Rig Apollo with Total E&P Congo has been reduced, ("III") the ownership of the Borrower and Drillship Alonissos Owners Inc., as owner of the Ocean Rig Apollo, has been transferred from the Company to a trustee, and ("iv") the Company has been given an option to purchase the shares of Drillship Alonissos Owners Inc. upon satisfaction of certain conditions."
http://seekingalpha.com/article/4003914-ocean-rig-agrees-transfer-ownership-ocean-rig-apollo?auth_param=1ddhvf%3A1bsk3t3%3Ae086ae7a3e3a5bcd93b2796b092d34f1&dr=1