SDRL - Seadrill launches conversion incentive period for convertible bonds due 2012 and 2014
(Thomson Reuters ONE) -
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT
IN THE UNITED STATES OR LOCATED IN THE REPUBLIC OF ITALY.
Hamilton, Bermuda, December 16, 2010 - Seadrill Limited ("Seadrill") announces a
conversion incentive period for holders of up to US$250,000,000 of Seadrill's
US$1,000,000,000 principal amount convertible bond ("Bonds 2012") due 2012, and
for the entire US$500,000,000 principal amount convertible bond ("Bonds 2014")
due 2014, such Bonds issued pursuant to the loan agreements ("Loan Agreement")
between Seadrill and Norsk Tillitsmann ASA, dated November 2, 2007 and dated
September 29, 2009 respectively (the "Incentive Offers").
The acceptance period for the Incentive Offers is open until December 17, 2010
at 17:30 (CET) ("the Conversion Incentive Period").
Seadrill has engaged ABG Sundal Collier, Credit Suisse Securities (Europe)
Limited and Deutsche Bank AG, London Branch as managers (the "Managers") for the
Incentive Offer.
The Seadrill share price has since June this year showed strong performance
increasing from US$18.1 to US$33.4 at close of business yesterday. As such the
current share price is materially higher than the strike price for conversion
into equity of the convertible bonds due in 2012 and 2014. Based on the high
likelihood of future conversion of these bonds, Seadrill has decided to offer an
accelerated conversion to the bond holders. Seadrill has an optimistic view on
the prospects of the offshore drilling industry. An accelerated conversion will
increase our financial flexibility and strengthen our ability to undertake
further investments whilst maintaining our dividend policy.
For further information please see the attached offer documents and offer
restrictions.
The offering has been made to Norwegian professional investors and eligible
counterparties as defined in the Norwegian Securities Trading Regulation 10-2 to
10-4 and to non-United States persons in reliance on Regulation S under the
Securities Act of 1933, as amended (the "Securities Act"). Seadrill's common
shares that may be issued upon the conversion of the Bonds have not been
registered under the Securities Act or the securities laws of any other
jurisdiction and may not be offered or sold in the United States or to or for
the benefit of U.S. persons unless so registered except pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the
Securities Act and applicable securities laws in other jurisdictions. This
disclosure shall not constitute an offer to sell or the solicitation of an offer
to buy the common shares, nor shall there be any sale of the common shares in
any jurisdiction in which such offer, solicitation or sale is unlawful.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Offer Document 1 2012s:
http://hugin.info/135817/R/1473081/409477.pdf
Offer Restrictions:
http://hugin.info/135817/R/1473081/409479.doc
Offer Document 2 2014s:
http://hugin.info/135817/R/1473081/409478.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seadrill Limited via Thomson Reuters ONE
[HUG#1473081]
Unternehmensinformation / Kurzprofil:
Datum: 16.12.2010 - 08:32 Uhr
Sprache: Deutsch
News-ID 49771
Anzahl Zeichen: 4051
contact information:
Town:
Hamilton
Kategorie:
Business News
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"SDRL - Seadrill launches conversion incentive period for convertible bonds due 2012 and 2014"
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