Rowan Completes Long-Term 4.33% Debt Refinancing

Rowan Companies, Inc. (NYSE: RDC) has completed the refinancing of $85.1 million of outstanding floating-rate debt through the issuance of a 4.33% fixed-rate note maturing in May 2019.

The floating-rate debt was originally issued under the Title XI program of the U. S. Department of Transportation's Maritime Administration to assist Rowan in financing the construction of the Company's first Tarzan Class jack-up rig, the Scooter Yeargain, which was completed in April 2004.

The fixed-rate note is U.S. Government-guaranteed under the Title XI program and the Scooter Yeargain secures the guarantee obligation. The note requires semi-annual payments of principal and interest commencing in November 2005.