Ocean Rig UDW begins tender offer for $500 million 9½% notes due 2016

By Angela McDaniels

Tacoma, Wash., March 10 - Ocean Rig UDW Inc. began a tender offer for any and all of its $500 million 9½% senior callable notes due 2016, according to a company news release.

The tender offer will expire at 12:01 a.m. ET on April 7.

The company is offering $105,375 per $100,000 principal amount of notes plus accrued interest up to but excluding the payment date. This payment includes an early tender payment of $3,000 for each $100,000 principal amount of notes tendered by 5 p.m. ET on March 21, the early tender deadline.

At any time after the early tender deadline, the company may elect to accept for purchase any notes then tendered. Payment for any notes so accepted will be made promptly following the early acceptance time, which is currently expected to occur on March 26.

The dealer managers are Credit Suisse Securities (USA) LLC (212 325-2476 or 800 820-1653) or Deutsche Bank Securities Inc. (212 250-7527 or 855 287-1922). The information agent is D.F. King & Co., Inc. (800 549-6650, 212 269-5550, +44 (0)20 7920 9700 or oceanrig@dfking.com).

In addition, the company has engaged Nordea Bank Norge ASA as the settlement and receiving agent for the tender offer.

Ocean Rig is an offshore drilling contractor based in Nicosia, Cyprus.

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