Ocean Rig UDW Inc. announced on 15 January 2015 that it has received commitments from lenders for a syndicated secured term loan designed to partially finance the construction costs of the Ocean Rig Apollo. The facility amount is for the lesser of US$475 million and 70% of the fair market value of the drillship. This facility has a five-year term, a 12-year repayment profile and bears interest at LIBOR plus a margin. The financing is led by DNB while the lending syndicate consists of DVB Bank in conjunction with the Import-Export Bank of Korea (KEXIM).