Ocean Rig to start roadshow Monday for $500 million five-year notes

By Paul A. Harris

Portland, Ore., March 14 - Ocean Rig UDW Inc. plans to start a roadshow on Monday for a $500 million offering of five-year senior notes, according to an informed source.

The deal is set to price late in the week ahead.

Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the joint bookrunners for the Rule 144A and Regulation S for life offering.

The notes become callable after 2.5 years at par plus 75% of the coupon and feature a 35% 2.5-year equity clawback and a 101% poison put.

The Nicosia Cypress-based offshore drilling contractor plans to use the proceeds, together with other available funds, to repurchase or redeem its 9½% senior notes due 2016.

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