Ocean Rig Norway AS, a wholly-owned subsidiary of Ocean Rig ASA, determined the consideration to be paid in the tender offer for its 8.375% Senior Secured Second Lien Notes due 2013 (the "notes"). It also received the requisite consents to adopt the proposed amendments to the Indenture governing the notes.
The total consideration for each U.S. $1,000 principal amount of notes tendered and accepted for payment pursuant to the tender offer prior to 5:00 p.m., New York City time, on April 1, 2008 is U.S $1,113.92. This amount includes a consent payment of U.S. $30 per U.S. $1,000 principal amount of notes. The tender offer will expire at 12:00 midnight New York City time, on April 15, 2008, unless extended. Holders whose notes are validly tendered and accepted for payment pursuant to the tender offer shall also receive accrued and unpaid interest on such notes from the most recent payment of semiannual interest preceding the settlement date up to, but not including, the settlement date. The settlement date will promptly follow the expiration date, and is estimated to be on April 17, 2008.
In addition, U.S. $150 million principal amount of the outstanding U.S. $150 million aggregate principal amount of the notes have been tendered pursuant to the tender offer on or prior to the consent payment deadline, representing 100% of the outstanding notes, and the requisite consents to adopt the proposed amendments to the Indenture pursuant to Ocean Rig Norway's consent solicitation have been received. Ocean Rig Norway and the trustee will promptly enter into a supplemental indenture giving effect to the proposed amendments which will become operative on or about the settlement date.
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