Atwood Oceanics buys back $154.2 million notes at big discounts

New York, May 5 – Atwood Oceanics, Inc. said it bought back $13.5 million principal amount of its senior notes during the quarter ended March 31 for $5.1 million, an average discount of 62.2%, and a further $140.7 million in April for $94.0 million, an average discount of 34.8%.

The first quarter purchase price includes a “minimal” amount of accrued interest while the April purchase price includes $2.3 million of accrued interest, the company said in a news release.

The repurchases were funded from cash balances.

Following the transactions, the company has $495.8 million of senior notes outstanding.

Atwood Oceanics is a Houston-based offshore drilling company.

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