Ocean Rig Issues New Bonds & Refinances Short Term Debt

Ocean Rig will issue NOK 600 million in a new 5-year senior unsecured bond loan. The purpose of the Bonds is to refinance existing debt maturing in the near term. Holders of the company's subordinated convertible fixed rate notes (OCR00 and OCR01) with total outstanding amount of NOK 393 million, and maturing in May 2005, will be offered to partly exchange their notes for the new Bonds.

The Bonds will have a loan term from and including October 15, 2004 to and including October 15th, 2009 and will carry interest at a rate of 11,0 % p.a. payable annually in arrears. Ocean Rig will have the right to redeem the Bonds at any time prior to October 15th, 2005 at a price of 103 % of par value and at any time between October 15th, 2005 and April 15th, 2006 at a price of 102,5 % of par value. Interest accrued since the latest payment date but not due on the date of redemption will be paid. The nominal value of the Bonds will be NOK 500,000 with a total borrowing limit of NOK 600 million.

The sales process started after the stock exchange closed on Monday, September 20, 2004 and the bond issue is fully subscribed.

Pareto Securities ASA has been retained as manager of the senior unsecured 5-year bond issue and refinancing of OCR00 and OCR01. For further information regarding the new Bond and the refinancing, please contact Pareto Securities ASA, Ole Henrik Bjørge at +47 22878776.

The Senior Unsecured Bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the 'Securities Act'), and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours