By Paul A. Harris
St. Louis, Sept. 29 - Ocean Rig has increased to approximately NOK 700 million from NOK 600 million its issue of 11% senior unsecured bonds due Oct. 15, 2009, according to a Wednesday news release.
The NOK-denominated tranche now totals NOK 630 million, according to the release. The issue also now includes a $10 million tranche.
"In connection with the issue, the company has received considerable interest from the holders of the company's subordinated convertible fixed rate notes (OCR00 and OCR01) to exchange their current holdings into the new bonds through an exchange offer," the release added. "Accordingly, Ocean Rig will exchange NOK 258.5 million of the outstanding amounts in these loans (NOK 393 million) into the new bonds."
The original NOK 600 million issue priced on Sept. 21, 2004.
Pareto Securities ASA ran the books for the Regulation S issue.
Ocean Rig is a Stavanger, Norway-based deep water drilling company.
| Issuer: | Ocean Rig
|
| Amount: | NOK 700 million (increased from NOK 600 million) in two tranches: NOK 630 million and $10 million
|
| Maturity: | Oct. 15, 2009
|
| Security description: | Senior unsecured bonds
|
| Bookrunner: | Pareto Securities ASA
|
| Coupon: | 11%
|
| Call features: | Callable after Oct. 15, 2005 at 103.0 and any time between Oct. 15, 2005 and April 15, 2006 at 102.5
|
| Trade date: | Sept. 20
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
