Seadrill Limited: Corr. SDRL – Seadrill launches up to US$650 million convertible bond

Posted by on Oct 21, 2010 in Local News & Alerts | 0 comments

Hamilton, Bermuda, October 21, 2010 - Seadrill Limited ("Seadrill" or the "Company")
announces today that it intends to issue up to US$650 million in principal amount of
convertible bonds with a seven-year tenor. This amount includes an increase option of up
to US$100 million that has been granted to the joint bookrunners of the offering. 



nazret.com

The senior, unsecured bonds will be convertible into common shares of the Company. The bonds are expected to have an annual coupon in the range of 2.875% - 3.375% payable semi-annually in arrear and a conversion premium of 30% - 35% over the volume weighted average price of the Company's shares on the Oslo Stock Exchange (converted into US$) at the time of pricing. The convertible bonds will be issued and redeemed at 100% of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature in October 2017. Holders of the bonds will be entitled to require an early redemption of the bonds on the fifth anniversary after the issue date, at the principal amount together with accrued interest. Seadrill will have the right to call the bonds after five years plus 21 days, if the value of the Seadrill shares underlying one bond on the Oslo Stock Exchange (translated into US$) exceeds, for a specified period of time, 150% of the principal amount of the bond.

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