GlobalSantaFe to pay upcoming put in cash

New York, May 25 - GlobalSantaFe Corp. said it will pay the upcoming put on its zero-coupon convertible debentures due June 2020 in cash.

The securities are putable up to 5 p.m. ET on June 23 at a price of $594.25 per $1,000 principal amount.

If all the securities are put back, the Houston drilling contractor will pay $356.6 million in cash.

The company has the option to pay the put in cash, stock or a combination.

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