Ensco expected to price $500 million eight-year bullet on Thursday; whisper is 8%-8½%

By Paul A. Harris

Portland, Ore., Jan. 10 – Ensco plc is expected to price a $500 million offering of non-callable eight-year senior notes on Thursday, according to a bond trader.

Initial whisper has the deal coming with a yield of 8% to 8½%, the source said, adding that the public offering comes with an investment grade-style covenant package.

Deutsche Bank Securities Inc. and Citigroup Global Markets Inc. are the global coordinators and bookrunners.

BNP Paribas Securities Corp., BofA Merrill Lynch, DNB Markets Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC are the joint bookrunners. SEB is the co-manager.

The London-based offshore drilling contractor plans to use the proceeds to fund tender offers for the 8½% senior notes due 2019 and 6 7/8% senior notes due 2020 issued by wholly owned subsidiary Pride International, Inc. and for the Ensco 4.7% senior notes due 2021.

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