Seadrill tender for $311.1 million 12% notes oversubscribed

By Wendy Van Sickle

Columbus, Ohio, April 9 – Seadrill Ltd. said about $757.1 million, or 98.5%, of its outstanding 12% senior secured notes due 2025 were tendered by the expiry of its tender offer for up to $311.1 million of the notes, according to a press release on Tuesday.

Seadrill will accept $311.1 million of the tenders, in keeping with the cap.

The company offered $1,070 per $1,000 principal amount to holders who tendered their notes by the expiration, 11:59 p.m. ET on April 8.

Holders will also receive accrued interest to but excluding the settlement date, which is expected to be April 10.

The offer was announced on March 12.

As announced at launch of the offer, holders representing more than 50% of the outstanding notes had already agreed to tender their notes, ensuring full take up of the tender offer, meaning all holders who participated would have their notes accepted on a pro rata basis.

Following settlement, about $457.7 million of the notes will remain outstanding and held by third parties.

Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) is the dealer manager for the tender offer.

D.F. King & Co., Inc. (212 269-5550, 866 796-7184 or sdrl@dfking.com) is the information and tender agent.

The company is an Oslo-based provider of offshore drilling services to the oil and gas industry.

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