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Archer Ltd Completes Private Placement


Friday, 8 Feb 2013 02:52am EST 

Archer Ltd announced that it has completed a private placement of 208,334,000 new ordinary shares at a subscription price of USD 1.20, raising USD 250 million in gross proceeds (Private Placement). The Private placement was significantly oversubscribed. The proceeds from the Private Placement will be used to finance USD 100 million to prepay the November 2013 debt installment, and USD 150 million to reduce other debt facilities. The Underwriters will receive an underwriting fee of USD 5 million which will be payable in 4,166,667 shares in the Company. Completion of the Private Placement is conditional on the Company's shareholders resolving to increase the Company's authorized share capital and to reduce the par value of the Company's authorized and issued shares at the special general meeting to be held on February 13, 2013. The new shares in the Private Placement will be issued on or about February 20, 2013. The new shares to be issued will not be tradable until a listing prospectus has been approved by the Norwegian FSA. RS Platou Markets AS, Carnegie AS, Danske Bank A/S, DNB Markets, Nordea Markets, Pareto Securities AS, SEB Enskilda, and Swedbank First Securities have acted as joint lead managers and book-runners for the Private Placement. 

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