Archer Limited : Update on comprehensive debt refinancing
Hamilton, Bermuda (April 26, 2017) Reference is made to the stock exchange announcement on February 28, 2017 (the "Release") describing the comprehensive refinancing of Archer Limited ("Archer"), which has been further described in the Prospectus dated March 31, 2017. Archer has now entered into agreements with Seadrill Limited ("Seadrill") to convert approximately USD 146 million of principal and accrued interest under subordinated loan agreements and accrued guarantee fees, into a new USD 45 million subordinated convertible loan maturing in December 2021. The subordinated