Independence Contract Drilling Inc. - 2015-10-21

Description

Amended senior secured revolving credit facility’s Nov. 4, 2018 maturity date was maintained. Leverage ratio covenant will increase in fourth-quarter 2016. The amendments also reduce the minimum rig utilization covenant to 60% in 2016 and 70% in 2017, and allow certain planned capex to be excluded from calculating fixed charge coverage ratio.

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Estimated Price
$125.0MM
Financing Type
Report Date