Ensco Completes $2.5B Senior Notes Offering

Ensco completed its sale of $1 billion 3.25% senior notes due 2016 and $1.5 billion 4.7% Senior Notes due 2021 on March 17, 2011. Both sets of interest bearing notes are payable semi-annually with interest paid in cash on March 15 and September 15 of each year. The first interest payment is scheduled to begin on September 15, 2011.

Ensco intends to use net proceeds of approximately $2.4 billion from the sale of the Notes to fund a portion of the cash consideration payable in connection with the pending merger with Pride International, Inc.

Should the company not consummate the merger with Pride before the close of business February 3, 2012, then the company must redeem all notes at a price equal to 102% of principal plus accrued interest. If the merger is terminated prior to the first payment of interest, then the mandatory redemption price is 101% of principal plus accrued interest.


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