Rowan Prices $500MM of Senior Notes

Rowan Companies has priced a public offering of $500 million of its 7.875 percent senior notes due 2019, in a registered public offering. Rowan expects the proceeds from the notes offering to be used for general corporate purposes.

The notes will be issued at 99.341 percent of their principal amount and will have a fixed-rate interest rate of 7.875 percent per annum and a maturity date of August 1, 2019. The expected settlement date for the offering is July 21, 2009.