Printer Friendly

-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

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.

((Comments on this story may be sent to

COPYRIGHT 2010 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2010 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 Banking & Credit News (BCN)
Date:Oct 22, 2010
Previous Article:-UBS, CLSA to lead Philippine Nickel Asia IPO.
Next Article:-McDonald's CNY200m notes win S&P investment mark.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters