Eurasia Drilling accepts tenders for $537.46 million of 4 7/8% notes

By Marisa Wong

Morgantown, W.Va., April 17 – EDC Finance DAC, a subsidiary of Moscow-based Eurasia Drilling Co., said it has accepted for purchase all $537,461,000 of 4 7/8% guaranteed notes due 2020 tendered under its tender offer that expired at 11 a.m. ET on April 16.

As announced on April 8, EDC Finance offered to purchase any and all of its $600 million of outstanding 4 7/8% notes due 2020 at $1,016.50 per $1,000 of notes. Holders will also receive accrued interest.

The payment date is expected to be April 30.

Following settlement of the tender offer, $62,539,000 of the notes will remain outstanding.

The company had said the tender offer will allow the EDC group to reduce its dollar-denominated liabilities and mitigate foreign exchange rate fluctuations and uncertainties. The functional currency of the group is the ruble.

Proceeds from an offering of new ruble-denominated notes or a draw on existing or new bank facilities will be used to fund the tender offer, according to a previous announcement.

Barclays Bank plc (+44 20 3134 8515, eu.lm@barclays.com, attn.: liability management group), Goldman Sachs International (+44 20 7552 6157, liabilitymanagement.eu@gs.com, attn.: liability management group) and Societe Generale (+44 20 7676 7951, liability.management@sgcib.com, attn.: liability management) are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880, edc@lucid-is.com, attn.: Thomas Choquet / Arlind Bytyqi) is the tender and information agent.

Eurasia Drilling is an onshore and offshore drilling services provider.

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