Pride International, Inc.
(NYSE: PDE) announced that, after the filing of its 2004 annual report on Form
10-K, it has sent a notice to redeem all outstanding 2.5% Convertible
Senior Notes Due 2007 on April 25, 2005. Based on the current price of
Pride's common stock, the Company expects that substantially all of the notes
will be converted into common stock prior to the redemption date. The notes
called for redemption may be converted at any time before the close of
business on the business day prior to the redemption date. As of March 25,
2005, there was $298,550,000 aggregate principal amount of the notes
If, however, the price of Pride's common stock falls below approximately
$16.75, the Company would expect to pay the full redemption price in cash from
borrowings under its revolving credit facility and other available cash. If
any notes remain outstanding on the redemption date, such notes would be
redeemed at a redemption price of 101% of the principal amount thereof, plus
accrued and unpaid interest to the redemption date.