Ocean Rig to buy $218.422 million 10¼% notes in tender, calls reset

New York, June 28 - Ocean Rig ASA said its Ocean Rig Norway AS subsidiary completed its tender for its $225 million principal amount of 10¼% senior secured notes due 2008, accepting $218.422 million or 97.08% of the notes of the notes.

The company said it will redeem the remaining notes on July 1 at 101.708% of par plus accrued interest up to and including the redemption. date.

The tender ended at 5 p.m. ET on June 27 after being extended twice from midnight ET on June 16.

The final response was unchanged from the consent deadline of 5 p.m. ET on June 2.

The Stavanger, Norway, rig operator announced the consent solicitation and tender offer for the notes on May 19.

Ocean Rig said it will pay $1,019.58 for each $1,000 principal amount of the notes, plus accrued interest up to but excluding the date of payment. The total includes a $5.00 per $1,000 consent payment that will only be paid to holders who tender and deliver consents by the consent deadline. After the consent deadline the payment is $1,014.58 per $1,000 principal amount.

The amendments to the note indenture will cut the notice period for a redemption to three days from 30.

Once the changes become effective, Ocean Rig intends to call the notes at a price of $1,017.08 per $1,000 principal amount plus accrued interest.

Holders who tender will be required to consent and vice versa.

Morgan Stanley & Co. Inc. is dealer manager (call Riccardo Cumerlato at 800 624-1808 or collect 212 761-1457), and MacKenzie Partners, Inc. is information agent (800 322-2885, banks and brokerages call 212 929-5500).

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