DALLAS, July 30,
2024 /PRNewswire/ -- Beal Bank is pleased to announce
that it has provided committed financing of $275,000,000 to acquire the 7th
Generation Drillship Draco as an upsize to its existing loan,
originated in February 2024, to
Eldorado Drilling of Oslo,
Norway.
Farzin Dinyarian, head of Oil
& Gas for Beal Bank's wholly-owned commercial lending
subsidiary CSG Investments, Inc., said, "Beal Bank is excited to
continue its relationship with Eldorado Drilling, a premier
ultra-deepwater drillship company. The Draco is needed to support
offshore drilling needs in the future. Beal Bank's originating
subsidiary, CSG, is proud to support Eldorado and offshore drilling
companies."
Andy Longhurst, head of Shipping
for CSG Investments, Inc., adds, "Adding the Draco to their
fleet of drillships sets Eldorado
up to be a major player in the offshore drilling space for years to
come. This facility is another example of CSG's willingness to
originate into maritime industries that traditional maritime
lenders no longer consider mainstream and CSG is delighted to
continue to assist Eldorado."
Rune Magnus Lundetræ, Chief Financial Officer of Eldorado, said, "We have a good lending
relationship with CSG, adding a second rig to our financing was an
easy and logical decision. We are hopeful we can continue to
find ways to do further business with Farzin, Andy and the CSG
team."
Beal Bank has demonstrated a commitment to the oil and gas
industry (upstream, oil field services, offshore drilling) and the
shipping industry (containerships, tankers, offshore drilling).
Beal Bank continues to provide capital to companies supporting
world oil & gas production.
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About Beal Bank: The Beal Bank family of
companies comprises one of the largest privately owned financial
institutions in the nation with combined assets of approximately
$22.8 billion as of March 31, 2024. The Beal Bank brand includes Beal
Bank (Member FDIC and Equal Housing Lender), based in Plano, Texas, (near Dallas) and Beal Bank USA (Member FDIC and Equal Housing Lender),
headquartered in Las Vegas,
Nevada. The Banks have well-earned reputations as stable,
strongly capitalized financial institutions.
CSG is active in originating loans for Beal Bank and its
affiliates secured by; acquiring individual loans and loan
portfolios; and financing and funding loans and syndication
interests in loans secured by tangible assets in such industries as
commercial real estate, lodging, energy and power, manufacturing,
timber, and transportation and distribution. Beal Bank's core
consumer service is to provide depositors with competitive rates on
certificates of deposits (CDs) through its branches and
online.
Contacts:
Farzin
Dinyarian (fdinyarian@csginvestments.com;
469-467-5736)
Andy
Longhurst (ALonghurst@csginvestments.com;
469-467-5537)
Damien
Reynolds (dreynolds@csginvestments.com;
469-467-5618)
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SOURCE Beal Bank