Analyst Research

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Provider: Stock Traders Daily
Provider: New Constructs, LLC
Provider: Sadif Analytics Prime
Provider: MacroRisk Analytics/EconomicInvestor

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SeaDrill Ltd cancels contemplated convertible bond issuance and voluntary incentive payment offer

Tuesday, 8 Jul 2014 06:31pm EDT 

SeaDrill Ltd:Decides to cancel the contemplated $1 bln 2019 maturity convertible bond issuance due to share price development on day of issuance.Although order book was covered, adverse price movement led to an unattractive conversion price for issue.Consequently, Seadrill will refuse to accept any Acceptance Forms delivered in connection with voluntary incentive payment offer to convert the existing 3.375 pct. $650 mln Seadrill convertible bonds due in 2017.Following numerous successful transactions Seadrill Group will have cash balance of about $1.5 bln by end of July.In light of this strong liquidity position the company did not view this transaction as a requirement, but rather as an opportunity. 

Company Quote

0.04 +0.34%
24 Dec 2014