Ensco has increased the commitments under its revolving credit facilities to a total of $1.9 billion. The commitment under a five-year credit facility is $1.45 billion. The commitment under a separate 364-day credit facility is $450 million.
Ensco also announced that it has increased the maximum amount of its unsecured commercial paper program from $700 million to $1.0 billion. The commercial paper program is backstopped by the revolving credit facilities.
Ensco completed its acquisition of Pride International, Inc. on 31 May 2011, as previously reported. The increased credit facilities and commercial paper program will facilitate the growth of the newly-combined company.
The notes to be offered by Ensco under the commercial paper program will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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