Eurasia Drilling unit tenders for any and all 4 7/8% notes due 2020

By Sarah Lizee

Olympia, Wash., April 8 – EDC Finance DAC, a subsidiary of Moscow-based Eurasia Drilling Co., launched a tender offer for any and all of its $600 million of outstanding 4 7/8% guaranteed notes due 2020, according to a notice.

The purchase price has been set at $1,016.50 per $1,000 of notes. Holders will also receive accrued interest.

Note purchases will be in a minimum principal amount of $200,000 and integral multiples of $1,000 onwards.

The offer will expire at 11 a.m. ET on April 16. The payment date is expected to be on or about April 30.

The company said the tender offer will allow the EDC group to reduce its dollar-denominated liabilities and mitigate foreign exchange rate fluctuations and uncertainties. The functional currency of the group is the ruble.

Proceeds from an offering of new ruble-denominated notes or a draw on existing or new bank facilities will be used to fund the tender offer.

Eurasia Drilling is an onshore and offshore drilling services provider.

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