-Deutsche, C Suisse, ABG Sundal Collier to run Seadrill convertible bond.
BANKING AND CREDIT NEWS-October 22, 2010--Deutsche, C Suisse, ABG Sundal Collier to run Seadrill convertible bond(C)2010 M2 COMMUNICATIONS http://www.m2.com
22 October 2010 - Norwegian rig operator Seadrill (OSL:SDRL) said on Thursday it has hired Credit Suisse (VTX:CSGN), Deutsche Bank (ETR:DBK) and ABG Sundal Collier (OSL:ASC) as the joint bookrunners for its convertible bond offer.
The company will issue up to USD650m (EUR466m) seven-year convertible bonds, including an upsize option of up to USD100m.
The senior unsecured notes are convertible into common stock and callable after five years and 21 days if certain conditions are met. The issue with a coupon of between 2.875% and 3.375%, payable semi-annually, is expected around 27 October.
Seadrill will use the proceeds to back its project and fleet expansion and to buy back some of its existing convertible bonds.
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