Seadrill Ltd (SDRL.N) Key Developments |
United States

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SeaDrill Ltd launches $1 bln 2019 convertible bond concurrently with voluntary incentive payment offer to convert the existing $650 mln 3.375 pct 2017 convertible bond

Tuesday, 8 Jul 2014 02:16am EDT 

SeaDrill Ltd:Intends to issue $1 bln in principal amount of convertible bonds with five-year tenor (2019 Bonds).Senior, unsecured bonds will be convertible into common shares of the Company.Bonds are expected to have an annual coupon in the range of 2.00 pct - 2.50 pct.Payable semi-annually in arrear and have conversion premium of 30 pct - 35 pct over reference share price that will be based on volume weighted average price of Company's shares on Oslo Stock Exchange and on New York Stock Exchange between opening and closing of the market on July 8.Convertible bonds will be issued and redeemed at 100 pct of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature on July. 16, 2019.Seadrill will have right to call bonds after three years plus 21 days if value of Seadrill shares underlying one bond, for specified period of time, exceeds 130 pct of the principal amount of bond.Bonds are expected to be issued on or around July 16 Seadrill may decide to list bonds on an exchange at later stage.Proceeds from issuance will be used to fund newbuild program and for general corporate purposes.ABG Sundal Collier, BNP Paribas and Deutsche Bank are acting as joint bookrunners. 

Company Quote

24 Jun 2016