Ogier advises Constellation Oil Services Holding S.A. on US$650 million senior secured notes refinancing

Ogier has acted as British Virgin Islands counsel to Constellation Oil Services Holding S.A. in connection with its issuance of US$650 million 7.700% first-lien notes due 2033.

The successful completion of the issuance provides Constellation with enhanced financial flexibility and supports the continued operation and growth of one of the leading Latin American providers of offshore oil and gas contract drilling services.  

The net proceeds of the bond issue, together with cash on hand, were used to refinance the group's outstanding 2029 notes.  

The notes are underpinned by a sophisticated cross-border guarantee and security package provided by several key subsidiaries across the Constellation group, including BVI subsidiary, Constellation Services Ltd. 

This transaction highlights the continued prominence of BVI entities in major international financing transactions and the jurisdiction's role as a cornerstone of global corporate and capital markets structuring. 

The transaction also builds on Ogier’s long-standing relationship with Constellation, including advising the company and its wider group on its US$2 billion debt restructuring, and reflects the firm's continued work on complex cross-border financing matters across Latin America.

The Ogier team was led by partner Stuart Fee, supported by senior associate Holly Chapman and paralegal Wendy Palmer. 

Contact our team to learn more.