Archer subsidiary Allis-Chalmers to redeem all 9%, 8½% senior notes

By Ashley Montgomery

Kansas City, Kan., Jan. 31 - Archer Ltd. said its subsidiary Allis-Chalmers Energy Inc. will redeem all of its 9% senior notes due 2014 and 8½% senior notes due 2017.

The redemption date is March 1, according to a news release.

The 9% notes will be redeemed at par plus accrued interest to the redemption date, and the 8½% notes will be redeemed at 104.25 plus accrued interest to the redemption date.

Wells Fargo Bank, NA is the agent.

Archer is an oil services company based in Hamilton, Bermuda. Allis-Chalmers is a Houston-based oilfield services company.

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