Diamond Offshore Drilling Inc. Redeems 3-3/4% Convertible Subordinated Notes Due 2007.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--April 6, 2001 Diamond Offshore Drilling Diamond Offshore Drilling, Inc. is a deepwater drilling contractor which provides drilling services to the energy industry. The company's headquarters are located in Houston, Texas, but they have offices in Louisiana, Africa, Australia, Brazil, Indonesia, Scotland, Singapore, and Inc. (NYSE NYSE See: New York Stock Exchange :DO) today announced that it has redeemed all of its outstanding 3-3/4% Convertible Subordinated Notes Due 2007 pursuant to a Notice of Redemption issued March 7, 2001, in accordance with the Indenture under which the Notes were issued. $400,000,000 principal amount of the Convertible Subordinated Notes were issued in February 1997. $12,437,000 principal amount of the Notes were converted into 307,071 shares of Diamond Offshore common stock at the stated conversion price Stated conversion price At the time of issuance of a convertible security, the price the issuer effectively grants the securityholder to purchase the common stock, equal to the par value of the convertible security divided by the conversion ratio. of $40.50 per share. The remaining $387,563,000 principal amount of the Notes were redeemed at 102.08% of the principal amount thereof plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. for a total cash payment of $397,683,238. Diamond Offshore is a leader in deep water drilling. The Company's fleet of 45 offshore drilling Offshore drilling typically refers to the act of extracting resources, primarily oil, in an ocean or lake. Controversy As with all oil drilling, there has been a certain level of controversy surrounding the issue. rigs consists of 30 semisubmersibles, 14 jack-ups and one drillship. The fleet operates in the waters of six of the world's seven continents. |
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