Pride Completes Redemption of Senior Notes
Pride International today announced that the company redeemed all of its outstanding 7 3/8% senior notes due 2014 on September 5, 2010. The aggregate principal amount of $500 million was redeemed at a price of 102.458% of the principal amount, plus approximately $5.1 million of accrued interest. The total cash paid was approximately $517.4 million.
The company financed the redemption of the notes with proceeds from the recently completed public offering of $1.2 billion aggregate principal amount of senior notes. As a result of the redemption, the company expects to incur during the third quarter of 2010 a charge totaling $16.4 million related to the prepayment premium and write-off of deferred financing costs and discount related to the notes.