RDS Ultra-Deepwater plans to start roadshow Thursday for $260 million seven-year secured notes

By Paul A. Harris

St. Louis, Feb. 10 - RDS Ultra-Deepwater, Ltd. will begin a roadshow on Thursday for its $260 million offering of seven-year senior secured notes, according to an informed source.

The roadshow wraps up on Feb. 23.

Jefferies & Co. has the books for the Rule 144A and Regulation S for life deal.

The notes come with four years of call protection.

Credit ratings remain to be determined.

Proceeds will be used to purchase PetroRig III, a sixth generation ultra-deepwater semi-submersible drilling rig.

The company will enter into a long-term charter contract for the lease of the rig with Pemex Exploracion y Produccion, a wholly owned subsidiary of Petroleos Mexicanos, the national petroleum company of Mexico.

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