CLOs have significantly reduced their exposure to Ocean Rig, the offshore drilling contractor that announced a restructuring agreement Tuesday, according to Wells Fargo Securities.

U.S. collateralized loan obligations issued since the financial crisis collectively hold 10% of Ocean Rig’s $3.2 billion in senior secured credit facilities, analyst David Preston said in a report published Wednesday. But the $330 million in aggregate holdings is down by half from February 2016, when they held $768 million.

The remaining CLO exposure is generally split evenly across the two credit facilities, with $160 million and $169 million exposure to the $1.3 billion and $1.9 billion facilities, respectively.

For post-crisis deals holding Ocean Rig, total exposure is generally low; the median exposure is 37 basis points and just 20 deals have more than 100 basis points exposure.

On Tuesday, Ocean Rig announced that it has reached an agreement with creditors to exchange $3.69 billion principal amount of debt for new equity in the company, approximately $288 million of cash and $450 million of new secured debt.

Lenders to the $1.3 billion credit facility would receive 36% of the new equity, while lenders to the $1.9 billion credit facility would receive 40.2% of the new equity.

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