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Shelf Drilling starts tender offer for all of 8 5/8%, 9½% notes
New York, Jan. 29 – Shelf Drilling Holdings, Ltd. began a tender offer for its $30,415,000 of 8 5/8% senior secured notes due 2018 and its $502,834,978 of 9½% senior secured notes due 2020, according to a news release.
The company is offering $1,002.50 per $1,000 principal amount of the 8 5/8% notes and $1,025.75 per $1,000 principal amount for the 9½% notes.
Holders will also receive accrued interest up to but excluding the settlement date.
The offer ends at 5 p.m. ET on Feb. 2, and settlement is planned for Feb. 7. Guaranteed deliveries may be made until Feb. 6.
Funding from the offer will come from a debt financing. Shelf Drilling announced a $550 million offering of new senior notes due 2025 on Monday morning.
Concurrently with the tender offer, the company said it is exercising the call option for both series of notes, again subject to completion of the new financing.
Credit Suisse Securities (USA) LLC (212 325-2476 or 800 820-1653) is dealer manager. Globic Advisors, Inc. (800 974-5771 or info@globic.com) is tender agent and information agent.
Shelf Drilling Holdings is a subsidiary of Shelf Drilling, Ltd., a Dubai-based shallow water offshore drilling contractor.
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