Pride International, Inc.
(NYSE: PDE) intends to sell $400 million of senior
unsecured notes in a private offering. The interest rate and other terms of
the notes will be determined upon pricing of such securities. The net
proceeds from this offering will be used to retire Pride's outstanding 9 3/8%
Senior Notes due 2007 and 10% Senior Notes due 2009, including the applicable
premium and accrued and unpaid interest. In connection with the retirement of
those notes, Pride is commencing an offer to purchase the notes at 37.5 basis
points over the respective redemption prices, which offer is scheduled to
expire July 9, 2004 and is conditioned on the closing of the offering of the
$400 million of senior unsecured notes announced today.
The notes being sold by Pride will not be registered under the Securities
Act of 1933, as amended, and may not be offered or sold in the United States
or to a U.S. person absent registration or an applicable exemption from