Halliburton says 98% of DII Industries' notes exchanged

By Carlise Newman

Chicago, Dec. 15 - Halliburton said $294.3 million or 98% of the 7.60% debentures due 2096 issued by its DII Industries LLC subsidiary were tendered in its exchange offer by the expiration date of 5.00 p.m. ET on Dec. 12.

The company is issuing an equal amount of new 7.6% debentures due 2096.

The exchange was related to DII Industries' solicitation of consents to amend the indenture governing the DII Industries notes.

DII will make a consent payment of $2.50 per $1,000 to holders who tendered their consent prior to the Oct. 24 consent deadline.

On Oct. 24, 2003, the consent payment deadline, DII Industries had received consents from holders of more than 95% of the outstanding notes.

Prior to the closing of the exchange offer, Halliburton added a supplement to the indenture for the DII Industries notes in which it assumes as a co-obligor with DII all obligations under the indenture.

Houston-based Halliburton provides products and services to the petroleum and energy industries.

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