DII noteholders consent to exchange offer

By Carlise Newman

Chicago, Oct. 26 - Halliburton Co. said that DII Industries LLC has received consents from holders of more than 95% of the outstanding 7.6% debentures due 2096 regarding Halliburton's offer to exchange its new notes for a like amount of DII's 7.6% notes. The exchange offer will expire on Nov. 7.

The consents have been accepted and have become irrevocable. DII will amend the indenture governing its 7.6% notes and the amendments will take effect when the exchange offer is completed.

Among the amendments, DII Industries was soliciting consents to eliminate the bankruptcy-related events of default.

Once the amendments become effective, DII will make the consent payment of $2.50 per $1,000 to holders who tendered their consent prior to the Oct. 24 consent deadline. One of the remaining conditions to the exchange offer and the effectiveness of the consent is that all prerequisites shall have been satisfied for concluding the proposed settlement of asbestos and silica claims of Halliburton's subsidiaries.

Houston-based Halliburton produces petroleum.

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