Halliburton to exchange notes for subsidiary DII notes

By Carlise Newman

Chicago, Oct. 10 - Halliburton has begun an offer to issue new 7.6% notes due 2096 in exchange for the $300 million outstanding 7.6% notes due 2096 of its subsidiary DII Industries LLC.

In addition, DII Industries is soliciting consents to amend the indenture governing the DII Industries notes to eliminate the bankruptcy-related events of default.

DII Industries will make a consent payment of $2.50 per $1,000 to holders who validly tender their existing notes and deliver their consents by the consent payment deadline of 5.00 p.m. ET on Oct. 24.

The exchange offer will expire at 5.00 p.m. ET on Nov. 7.

Holders of DII Industries notes may give their consent to the proposed amendments only by tendering notes in the exchange offer and will be assumed to have given their consent by tendering.

Halliburton is making the exchange offer only to qualified institutional buyers under Rule 144A and people outside the United States under Regulation S.

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