Allis-Chalmers holders put less than 1% of notes after Archer merger

By Susanna Moon

Chicago, May 20 - Allis-Chalmers Energy Inc. holders put back less than 1% of notes under the change-of-control offers for their 9% senior notes due 2014 and their 8½% senior notes due 2017, which expired at 5 p.m. ET on May 17.

The company accepted for purchase a total of $1,866,000 principal amount of its senior notes, comprising $1,774,000 of its 9% notes and $92,000 of its 8½% notes, or less than 1% of the outstanding amount of each of the notes, according to a press release by parent company Archer Ltd.

Holders could put the notes at 101 as a result of a merger, which was announced by Seawell Ltd. after the change of control occurred on Feb. 23. The total principal amount of the notes at the time was $430.2 million.

The payment also includes accrued interest up to but not including May 20.

Global Bondholder Services Corp. (attn: corporate actions, 866 794-2200 or for banks and brokers 212 430-3774) was the information agent and depositary.

Allis-Chalmers is a Houston-based oilfield services company and a wholly owned subsidiary of Archer.

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