Grant Prideco Proposes Sale of $175 Million of Senior Notes
Grant Prideco, Inc. (NYSE: GRP) plans to commence a private placement of $175 million principal amount of Senior Notes due 2015. The new notes will be placed pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Act"). The proceeds of the offering, together with borrowings under Grant Prideco's senior secured credit facility, will be used to finance the cash tender offer and consent solicitation launched today for the company's outstanding 9% Senior Notes due 2009.
The Notes being offered have not been registered under the Act and may not
be offered or sold in the United States absent registration or pursuant to an
applicable exemption from the registration requirements of the Act. The Notes
will be offered and sold only to qualified institutional buyers in reliance on
Rule 144A of the Act and certain persons in offshore transactions in reliance
on Regulation S under the Act.
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