Debt Structure & Info
| Issuer | Constellation Oil Services Holding S.A. |
|---|---|
| Collateral Assets | (a) each Collateral Drilling Rig; (b) fiduciary assignment of receivables arising from certain Onshore and Offshore Agreements; (c) all rights, title, interest and benefits in all deposit accounts and securities accounts with respect to (b) above; (d) all rights, title, interest and benefits in all insurance policies relating to each Collateral Drilling Rig, including, all rights to receive payments with respect to any claim under each such insurance policies; and (e) the Equity Interests of each Subsidiary Guarantor and each Excluded Bareboat Charterer Subsidiary |
| Loan Ammount | USD 650,000,000 |
| Financial Instrument | 9.375% Senior Secured Notes due 2029 |
| ISIN | USL67356AA09 (Reg S); and US650921AA71 (144A) |
| Repayment Structure | Principal payable annually: USD 75 million per year on Nov 7, 2026, 2027, 2028; remaining balance at maturity (Nov 7, 2029) |
| Coupon | 9.375% fixed, semi‑annual with payments on May 7 and November 7, commencing May 7, 2025 |
| Early Redemption | On or after November 7, 2026. |
| Maturity | November 7, 2029 |
| Dividend Covenants | (i) the Consolidated Net Leverage Ratio would not be greater than 1.25x; and (ii) the Consolidated Fixed Charge Coverage Ratio would be at least 2.00. In March 2026, the Company was granted a consent from its bondholders enabling distributions of up to US$25.0 million per quarter from April 2026 through Q1 27, provided Net Leverage remains below or equal to 2.25x after the dividend takes place. |
| Agency | Credit Rating |
|---|---|
| S&P | B (13 Oct 2025). Stable Outlook. |
| Fitch | B (27 Oct 2025). Positive Outlook. |