Aker Drilling bondholders given change-of-control put option at par

By Angela McDaniels

Tacoma, Wash., Oct. 12 - Aker Drilling ASA was acquired by Transocean Services AS on Oct. 11, triggering a change-of-control put option for Aker Drilling's 11% senior bonds due 2016 and floating-rate senior bonds due 2016.

The redemption amount will be par.

Bondholders have until Jan. 10 to exercise the option, according to a bondholder notice from trustee Norsk Tillitsmann ASA.

Aker Drilling is an offshore drilling contractor based in Stavanger, Norway. Transocean Services is a subsidiary of Transocean Ltd., a Vernier, Switzerland-based oil and gas offshore drilling services company.

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