Archer Limited – Amendment to financial covenants
Hamilton, Bermuda (October 13, 2020) Archer Limited (“Archer” or the “Company”) is pleased to announce that its syndicate banks (the “Lenders”) have agreed to certain amendments to the USD 580 million multicurrency term and revolving credit facility (the "Facility") maturing October 1, 2023 (the “Maturity”). The amendments are conditioned on satisfactory documentation. To increase the Company’s financial flexibility, the Lenders have agreed to certain amendments in the Facility, including a temporary increase in the net interest bearing debt to 12 months rolling EBITDA covenant (“