Debt Structure & Info
| Issuer | Constellation Oil Services Holding S.A. |
|---|---|
| Collateral Assets | (a) first-priority mortgages over the Amaralina Star, Laguna Star, Brava Star, Lone Star, Gold Star and Alpha Star rigs; (b) all rights, title and interests in insurance policies related to those rigs, including insurance proceeds; (c) equity interests of the rig-owning subsidiaries. |
| Loan Ammount | USD 650,000,000 |
| Financial Instrument | 7.700% Senior Secured Notes due 2033 |
| ISIN | USL1965HAH32 (Reg S); and US21038MAR43 (144A) |
| Repayment Structure | Principal payable annually: USD 50 million annually beginning August 3 2027; remaining balance at maturity (August 3, 2033) |
| Coupon | 7.700% fixed, semi‑annual with payments on February 3 and August 3, commencing February 3, 2027 |
| Early Redemption | On or after August 3, 2029. |
| Maturity | August 3, 2033 |
| Dividend Covenants | (i) the Consolidated Net Leverage Ratio would not be greater than 1.50x; (ii) the Consolidated Fixed Charge Coverage Ratio would be at least 2.00; and (iii) there is also a basket enabling quarterly distributions of up to US$25.0 million from 1 April 2026 through Q1 27, provided Net Leverage remains below or equal to 2.25x after the dividend takes place. |
| Agency | Issue Rating |
|---|---|
| S&P | B+ |
| Fitch | B+ |