Cravath represented the initial purchasers, led by Deutsche Bank Securities, Morgan Stanley and DNB Markets, in connection with the US$800 million 144A/Reg. S high-yield senior secured debt offering of Drill Rigs Holdings Inc., a wholly owned subsidiary of Ocean Rig UDW Inc. Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling and specializing in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. The transaction closed on September 20, 2012.
The Cravath team included partners Stephen L. Burns and James C. Vardell III and associates Ting S. Chen, Edward J. Reed and Amanda R. Fenster on corporate matters and associate Neetin Gulati on tax matters.