Commercial Paper Program Increased to $1.0 Billion
LONDON--(BUSINESS WIRE)--
Ensco plc (NYSE: ESV) announced today that it has increased the
commitments under its revolving credit facilities to a total of $1.9
billion. The commitment under a five-year credit facility is $1.45
billion. The commitment under a separate 364-day credit facility is $450
million.
Ensco also announced that it has increased the maximum amount of its
unsecured commercial paper program from $700 million to $1.0 billion.
The commercial paper program is backstopped by the revolving credit
facilities.
Ensco completed its acquisition of Pride International, Inc. on 31 May
2011, as previously reported. The increased credit facilities and
commercial paper program will facilitate the growth of the
newly-combined company.
The notes to be offered by Ensco under the commercial paper program will
not be registered under the Securities Act of 1933 and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements. This press release
shall not constitute an offer to sell or the solicitation of an offer to
buy Ensco’s notes under its commercial paper program.
Ensco plc (NYSE: ESV) brings energy to the world as a global provider of
offshore drilling services to the petroleum industry. We have the
world’s second largest offshore drilling fleet comprised of
dynamically-positioned ultra-deepwater drillships and semisubmersibles,
moored semisubmersibles and premium jackups. Ensco is ranked #1 for
overall customer satisfaction in the leading independent survey
conducted by EnergyPoint Research with #1 ratings in 14 of 16 separate
categories. To learn more about Ensco, please visit our website at www.enscoplc.com.
Ensco plc is an English limited company (England No. 7023598) with its
registered office and corporate headquarters located at 6 Chesterfield
Gardens, London W1J 5BQ.
Forward-Looking Statements
Statements included in this document regarding the increased
revolving credit facilities and the new commercial paper program,
benefits to customers, employees and shareholders, future growth
potential, timing, effects of the transactions and the use of funds
derived there from, and other statements that are not historical facts,
are forward-looking statements. Forward-looking statements
include words or phrases such as "anticipate," "believe," “contemplate,”
"estimate," "expect," "intend," "plan," "project," "could," "may,"
"might," "should," "will" and words and phrases of similar import.
These statements involve risks and uncertainties including, but not
limited to, actions by regulatory authorities or other third parties,
costs and difficulties related to integration of acquired businesses,
delays, costs and difficulties related to the transactions, market
conditions, and the combined companies' financial results and
performance, ability to repay debt and timing thereof, availability and
terms of any financing and other factors detailed in risk factors and
elsewhere in the company’s Annual Report on Form 10-K for the year ended
December 31, 2010, and its other filings with the Securities and
Exchange Commission (the "SEC"), which are available on the SEC’s
website at www.sec.gov. Should one or more of these risks or
uncertainties materialize (or the other consequences of such a
development worsen), or should underlying assumptions prove incorrect,
actual outcomes may vary materially from those forecasted or expected.
All information in this document is as of today. Except as
required by law, Ensco disclaims any intention or obligation to update
publicly or revise such statements, whether as a result of new
information, future events or otherwise.
Source: Ensco plc