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Ocean Rig to redeem remaining 9½% senior notes not tendered by April 7
By Tali Rackner
Norfolk, Va., March 26 - Ocean Rig UDW Inc. plans to redeem its 9½% senior notes due 2016 not tendered by the expiration date, according to a press release.
The offer will expire at 12:01 a.m. ET on April 7, unless extended or terminated early by Ocean Rig.
As of 5 p.m. ET on March 21, the early tender date, roughly 92.5%, or $462.3 million, of the notes had been tendered in the offer.
The company will redeem any notes that remain outstanding on May 13.
As previously announced, the company began a tender offer on March 10 for any and all of its $500 million 9½% senior callable notes due 2016.
The purchase price under the offer is $105,375 per $100,000 principal amount of notes plus accrued interest up to but excluding the payment date. This payment includes an early tender payment of $3,000 for each $100,000 principal amount of notes tendered by the early tender deadline.
Ocean Rig is a Nicosia, Cypress-based offshore drilling contractor.
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