Pride International tenders for 9 3/8%, 10% notes

New York, June 10 - Pride International, Inc. said it has begun a tender offer for its 9 3/8% senior notes due 2007 and 10% senior notes due 2009.

The Houston drilling contractor is offering 37.5 basis points over the redemption prices of the notes.

The tender will run until July 9.

Pride will fund the repurchase from a planned offer of $400 million of senior unsecured notes. Closing of the tender is conditional on completion of the bond sale.

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