Trinidad Drilling plans to redeem its C$354 million 7.75% convertibles

By Melissa Kory

Cleveland, Dec. 1 - Trinidad Drilling Ltd. announced that it intends to redeem its outstanding C$354 million of 7.75% convertible debentures due July 2012, using the proceeds from its planned offering of $450 million of senior notes due January 2019.

The convertibles are redeemable at par plus accrued interest after Dec. 31.

The Calgary, Alta.-based company's divisions operate in the drilling, well-servicing, coring and barge-drilling sectors of the North American oil and natural gas industry.

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