Ensco to redeem 8½% notes due 2019 issued by Pride unit at 107.613

By Susanna Moon

Chicago, Feb. 23 – Ensco plc plans to redeem the outstanding 8½% senior notes due 2019 issued by wholly owned subsidiary Pride International LLC on Feb. 25.

The redemption price will be $1,076.13 per $1,000 principal amount plus $16.53 of accrued interest per $1,000 of notes, or a total redemption price of $1,092.66 per $1,000 principal amount, according to an 8-K filing with the Securities and Exchange Commission.

As previously announced, holders had tendered $182,682,000 of the $237,545,000 of 8½% senior notes due 2019 in the capped offer for three note series that ended at 11:59 p.m. ET on Feb. 7.

The total purchase price was $1,082.46 per $1,000 principal amount.

Investors also had tendered

• $256,569,000 of the $450.9 million of 6 7/8% senior notes due 2020 issued by Pride with a total purchase price of $1,080; and

• $156,211,000 of the $269,718,000 of 4.7% senior notes due 2021 issued by Ensco with a total purchase price of $1,020.

Of the early tendered notes, the issuer accepted for purchase $182,516,000 of the 8½% notes, $246,873,000 of the 6 7/8% notes and $148,702,000 of the 4.7% notes.

On Jan. 11, Ensco increased the maximum purchase price to $985 million from $492.5 million after pricing an upsized $1 billion of 7¾% notes due 2026 on Jan. 11, which was planned at $500 million.

The company said at the time that it may purchase additional notes from time to time in the open market, in privately negotiated transactions, through tender offers, exchange offers or by way of redemptions.

Ensco is a London-based oil and gas services company.

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