Ocean Rig calls portion of 11% bonds due 2009

By Jennifer Chiou

New York, July 14 - Ocean Rig said it is calling NOK 330 million of its outstanding NOK 630 million 11% senior unsecured bonds due Oct. 15, 2009.

The Stavanger, Norway-based deep-water drilling rig operator originally issued the bonds Sept. 20, 2004.

As previously reported, the bonds are callable after Oct. 15 at 103.0 and any time between Oct. 15 and April 15, 2006 at 102.5.

Ocean Rig will use a drawdown under its new bank loan to fund the repurchase.

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