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Prospect News home > News index > List of issuers T > Headlines for Tenders 2005 > News item |
Ocean Rig tenders for 10¼% notes
New York, May 19 - Ocean Rig ASA said its Ocean Rig Norway AS subsidiary has started a cash tender offer for its $225 million principal amount of 10¼% senior secured notes due 2008.
The Stavanger, Norway, rig operator is also soliciting consents to amend the note indenture.
Holders who tender will be required to consent and vice versa.
The consent deadline is 5 p.m. ET on June 2, and the tender expires at midnight ET on June 16.
Ocean Rig will pay $1,019.58 for each $1,000 principal amount of the notes, plus accrued interest up to but excluding the date of payment. The total includes a $5.00 per $1,000 consent payment that will only be paid to holders who tender and deliver consents by the consent deadline. After the consent deadline the payment is $1,014.58 per $1,000 principal amount.
The amendments to the note indenture will cut the notice period for a redemption to three days from 30.
Once the changes become effective, Ocean Rig intends to call the notes at a price of $1,017.08 per $1,000 principal amount plus accrued interest.
Morgan Stanley & Co. Inc. is dealer manager (call Riccardo Cumerlato at 800 624-1808 or collect 212 761-1457) and MacKenzie Partners, Inc. is information agent (800 322-2885, banks and brokerages call 212 929-5500).
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