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News & Insights

Drill Rigs Holdings’s High-Yield Senior Secured Debt Offering

September 20, 2012

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.

Related Practices & Industries

  • Corporate
  • Tax
  • Industrials and Chemicals

People

Photo
Name
Ting S. Chen
Title
Corporate
Title
Partner
Email
tchen@cravath.com
Phone
+1-212-474-1794
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    Education

    • J.D., 2006, Stanford Law School
    • A.B., 2003, Harvard College
      Phi Beta Kappa, summa cum laude

    Admitted In

    • New York
    Photo
    Name
    Stephen L. Burns
    Title
    Corporate
    Title
    Retired Partner
    Email
    sburns@cravath.com
    Phone
    +1-212-474-1146
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      Education

      • J.D., 1990, The University of Texas School of Law
        with Honors
      • B.B.A., 1987, University of Oklahoma
        with Distinction
      Photo
      Name
      James C. Vardell III
      Title
      Corporate
      Title
      Retired Partner
      Email
      jvardell@cravath.com
      Phone
      +1-212-474-1999
      vCard
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        Education

        • J.D., 1980, Yale Law School
        • B.A., 1977, Washington and Lee University

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        Cravath represented the initial purchasers in connection with the $2 billion 144A/Reg. S high-yield first lien notes offering of Level 3 Financing, Inc., guaranteed by Level 3 Parent, LLC. Level 3 Financing, Inc. is a direct wholly‑owned subsidiary of Level 3 Parent, LLC and indirect wholly‑owned subsidiary of Lumen Technologies, Inc., a facilities‑based technology and communications company that provides a broad array of integrated products and services. The transaction closed on August 18, 2025.

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        Compass Minerals International, Inc.’s High‑Yield Senior Notes Offering

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        Fidelis Insurance Holdings Limited’s Fixed‑Rate Reset Subordinated Notes Offering

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        Toll Brothers’ Registered Senior Notes Offering

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