Rowan redeems its $102.7 million 11¼% senior callable bonds due 2013

By Melissa Kory

Cleveland, Nov. 29 - Rowan Cos. Inc. redeemed its outstanding $102.7 million of 11¼% Skeie Drilling & Production ASA (now known as Rowan Drilling Norway AS) senior callable secured bonds due 2013, guaranteed by SKDP 2 Ltd. and SKDP 3 Ltd.

The bonds were redeemed on Nov. 24 at 106%, a total of $119.4 million.

The redemption resulted in a $1.1 million loss on debt extinguishment for the fourth quarter of 2010. The company also deposited in escrow $4 million to cover interest that would accrue on the bonds until their 2011 call dates, March 8 and July 12, 2011.

Norsk Tillitsmann ASA is the redemption agent.

Rowan, a contract drilling services company, is based in Houston.

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