Diamond Offshore Announces Pricing of Senior Notes
HOUSTON, Oct. 31, 2013
HOUSTON, Oct. 31, 2013 /PRNewswire/ --Diamond Offshore Drilling, Inc. (NYSE:
DO) announced today that it has priced a public offering of $1.0 billion
aggregate principal amount of senior notes consisting of $250 million of 3.45%
senior notes due 2023 and $750 million of 4.875% senior notes due 2043.
Closing of the transaction is scheduled for November 5, 2013, subject to
customary closing conditions. Diamond Offshore intends to use the net
proceeds from the sale of the notes for general corporate purposes, including
the redemption, repurchase or retirement of its 5.15% senior notes due
September 1, 2014 and 4.875% senior notes due July 1, 2015.
J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Citigroup Global
Markets Inc., HSBC Securities (USA) Inc., and SunTrust Robinson Humphrey, Inc.
are the joint book-running managers for the offering. When available, copies
of the prospectus supplement and accompanying prospectus for the offering may
be obtained by calling J.P. Morgan Securities LLC collect at (212) 834-4533 or
Wells Fargo Securities, LLC toll-free at (800) 326-5897.
This press release does not constitute an offer to sell or a solicitation of
an offer to buy any securities nor shall there be any sale of these securities
in any state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. The offering is being made only through the
prospectus supplement and accompanying base prospectus, which is part of an
effective shelf registration statement filed with the Securities and Exchange
Commission on March 9, 2012.
ABOUT DIAMOND OFFSHORE
Diamond Offshore is a leader in offshore drilling, providing contract drilling
services to the energy industry around the globe with a total fleet of 45
offshore drilling rigs, including seven rigs under construction. Diamond
Offshore's fleet consists of 33 semisubmersibles, three of which are under
construction, five dynamically positioned drillships, four of which are under
construction, and seven jack-ups. Diamond Offshore is owned 50.4% by Loews
Corporation (NYSE: L).
Statements contained in this press release which are not historical facts are
"forward-looking statements" within the meaning of the federal securities
laws, including forward-looking statements relating to the consummation of the
offering described above and the anticipated use of proceeds therefrom.
Consummation of the offering is subject to a number of conditions, some of
which are beyond the Company's control. Therefore, no assurance can be given
that the offering will be consummated on the terms described or at all.
Forward-looking statements are inherently uncertain and subject to a variety
of risks that could cause actual results to differ materially from those
expected by management of the Company. A discussion of the important risk
factors and other considerations that could materially impact these matters as
well as the Company's overall business and financial performance can be found
in the Company's reports filed with the Securities and Exchange Commission and
readers of this release are urged to review those reports carefully when
considering these forward-looking statements. Given these risk factors,
investors and analysts should not place undue reliance on forward-looking
statements. Any such forward-looking statements speak only as of the date of
this press release. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statement to reflect any change in the Company's expectations
with regard thereto or any change in events, conditions or circumstances on
which any forward-looking statement is based.
Director, Investor Relations
(Logo: http://photos.prnewswire.com/prnh/20130725/NY53104LOGO-b )
SOURCE Diamond Offshore Drilling, Inc.
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