SDRL - Status on voluntary conversion offers of convertible bonds due 2012 and 2014
Hamilton, Bermuda, December 17, 2010 - Seadrill Limited is pleased to announce
that holders of approximately US$340,000,000 of Seadrill's convertible bonds due
2012 and approximately US$400,000,000 of Seadrill's convertible bonds due 2014
have submitted their acceptances of the voluntary conversion offers.
Seadrill reiterate that the maximum offering amount in principal amount for the
convertible bonds due 2012 is US$250,000,000 and will not be increased. A pro-
rata basis scale back will be applied for accepting bondholders that participate
in the conversion offer.
Bondholders in Seadrill's convertible bonds due 2014 are hereby reminded about
the "90% clean-up call" as described in the loan agreement gives Seadrill the
right to call the remaining part of the bonds at par value plus accrued interest
provided that 90 per cent or more of the original issued amount of
US$500,000,000 have been redeemed or converted into shares.
The acceptance period for the offering period will close today at December
17, 2010 at 17:30 CET.
ABG Sundal Collier Norge ASA, Credit Suisse Securities (Europe) Limited and
Deutsche Bank AG, London Branch are engaged by Seadrill as managers for the
incentive offers.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seadrill Limited via Thomson Reuters ONE
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