LONDON--(BUSINESS WIRE)--
Ensco plc (NYSE:ESV) announced today the consideration for its 3.25%
Senior Notes due 2016 (CUSIP No. 29358QAB5) subject to its previously
announced cash tender offer. The consideration was calculated by
Deutsche Bank Securities Inc. at 2:00 p.m. New York City time today.
The consideration for each $1,000 principal amount of notes validly
tendered and accepted for payment pursuant to the tender offer is
$1,027.42, determined in the manner described in the Offer to Purchase,
dated March 4, 2015, by reference to a fixed spread of 20 basis points
over the yield based on the bid side price of the 0.375% U.S. Treasury
due March 15, 2016. Holders whose notes are purchased pursuant to the
tender offer will also receive accrued and unpaid interest thereon from
the last interest payment date up to, but not including, the settlement
date, which is expected to be March 13, 2015.
The tender offer is being made pursuant to the Offer to Purchase and a
related Letter of Transmittal and Notice of Guaranteed Delivery, which
set forth the terms and conditions of the tender offer. As of March 10,
2015, the aggregate principal amount of the notes outstanding is $1.0
billion.
The tender offer will expire at 5:00 p.m. New York City time today,
unless extended. Holders of notes must validly tender and not validly
withdraw their notes before 5:00 p.m. New York City time today to be
eligible to receive the consideration. Tendered notes may be withdrawn
at any time prior to the expiration time.
The tender offer is conditioned upon the satisfaction of certain
conditions more fully described in the Offer to Purchase, including the
closing of a contemporaneous notes offering by Ensco. The tender offer
is not conditioned upon any minimum amount of notes being tendered. The
tender offer may be amended, extended, terminated or withdrawn.
Following the closing of the contemporaneous notes offering and the
expiration of the tender offer, Ensco intends to exercise its right to
redeem any notes not purchased in the tender offer and that remain
outstanding pursuant to the indenture governing the notes.
Ensco has retained Deutsche Bank Securities Inc. and Citigroup Global
Markets Inc. to serve as the Dealer Managers for the tender offer.
Deutsche Bank Securities Inc. may be contacted at (866) 627-0391 (toll
free) or (212) 250-2955 (collect).
Ensco has also retained Global Bondholder Services Corporation to serve
as the Depositary and Information Agent for the tender offer.
Copies of the Offer to Purchase, Letter of Transmittal and Notice of
Guaranteed Delivery may be obtained from Global Bondholder Services
Corporation by telephone at (866) 470-3900 (toll-free) or for banks and
brokers, at (212) 430-3774 or in writing at Global Bondholder Services
Corporation, 65 Broadway, Suite 404, New York, New York 10006.
Copies of the Offer to Purchase, Letter of Transmittal and Notice of
Guaranteed Delivery are also available at the following web address: http://www.gbsc-usa.com/ESV/
This press release is neither an offer to purchase nor a solicitation of
an offer to sell any notes in the tender offer. In addition, this press
release is not an offer to sell or the solicitation of an offer to buy
any securities issued in connection with any notes offering, nor shall
there be any sale of the securities issued in such offering in any
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such jurisdiction. Any such securities will be offered only by means of
a prospectus, including a prospectus supplement relating to such
securities, meeting the requirements of Section 10 of the U.S.
Securities Act of 1933.
Ensco is not obligated to undertake any redemption of the notes, and
there can be no assurance that it will consummate the tender offer or
redeem the notes. The statements of intent herein with respect to the
redemption of the notes does not constitute a notice of redemption under
the indenture governing the notes. Any notice of redemption with respect
to the notes, if made, will only be made in accordance with the
indenture governing the notes.
Ensco plc (NYSE: ESV) is a global provider of offshore drilling services
to the petroleum industry. Ensco plc is an English limited company
(England No. 7023598) with its registered office and corporate
headquarters located at 6 Chesterfield Gardens, 3rd Floor, London,
United Kingdom W1J 5BQ.
Source: Ensco plc