In order to surrender debentures for repurchase, a holder of debentures must deliver a repurchase notice on or before 5:00 p.m. EDT, on June 23, 2005, to Wilmington Trust Company, the trustee under the indenture governing the debentures and paying agent for the repurchase of the debentures. Holders who follow the transmittal procedures of The Depository Trust Company do not need to submit a physical repurchase notice to Wilmington Trust Company. Holders may withdraw any debentures previously surrendered for repurchase at any time before 5:00 p.m. EDT, on June 23, 2005.
GlobalSantaFe Corporation and Global Marine Inc. will file a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission today. GMI will make documents available through The Depository Trust Company to debenture holders specifying the terms, conditions and procedures for surrendering and withdrawing debentures for repurchase. These documents contain important information regarding the details of GMI's obligation to purchase the debentures, and holders are encouraged to read them carefully before deciding whether to the surrender their debentures.
The debentures are convertible into 8.125103 ordinary shares, par value $.01 per share, of GlobalSantaFe Corporation per $1,000 principal amount at maturity of debentures, subject to adjustment under certain circumstances. Debentures as to which a repurchase notice has been given may be converted into GlobalSantaFe Corporation ordinary shares at any time before the close of business on June 23, 2005, only if the applicable repurchase notice has been withdrawn in accordance with the terms of the indenture.
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