Diamond Offshore aims to redeem all 0% convertibles due June 2020

By Devika Patel

Knoxville, Tenn., April 28 - Diamond Offshore Drilling, Inc. announced it will redeem its $6 million in remaining zero-coupon convertible debentures due June 6, 2020 on May 28.

The securities will be repurchased at $706.28 per $1,000 in debentures.

The debentures are convertible until the close of business on May 27 at a conversion rate of 8.6075 common shares per $1,000 of debentures. The closing price of the company's stock (NYSE: DO) was $84.52 on April 27.

Diamond Offshore issued $805 million of the convertibles in June 2000. The securities have a cash redemption price of approximately $4.24 million.

The Bank of New York Mellon (713 483-6649) is the trustee.

The offshore oil and gas drilling contractor is based in Houston.

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