HOUSTON, Aug. 15, 2017 /PRNewswire/ -- Diamond
Offshore Drilling, Inc. ("Diamond Offshore" or the "Company")
(NYSE: DO) announced today that it has completed a
public offering of $500,000,000
aggregate principal amount of its 7.875% senior notes due 2025 (the
"Notes"). After deducting underwriting fees and discounts and
estimated expenses, the offering resulted in net proceeds to the
Company of approximately $489
million. The Company intends to use the net proceeds from
the sale of the Notes, together with cash on hand, to fund the
redemption of all of its outstanding 5.875% senior notes due 2019
(the "2019 Notes"). The redemption price will include a
"make-whole" premium calculated in accordance with the indenture
governing the 2019 Notes, plus accrued and unpaid interest on the
principal amount of the 2019 Notes redeemed to, but not including,
the date of redemption.
The offering of the Notes was made by means of a prospectus
supplement and accompanying base prospectus, which is part of an
effective shelf registration statement on Form S-3 filed with the
U.S. Securities and Exchange Commission (the "SEC") on March 9, 2015. Barclays Capital Inc., J.P. Morgan
Securities LLC, Citigroup Global Markets Inc., HSBC Securities
(USA) Inc., MUFG Securities
Americas Inc., SunTrust Robinson Humphrey, Inc. and Wells Fargo
Securities, LLC acted as joint book-running managers for the
offering. RBC Capital Markets, LLC and Goldman Sachs & Co. LLC
acted as co-managers for the offering. Copies of the prospectus
supplement and accompanying base prospectus for the offering may be
obtained by contacting Barclays Capital Inc., c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717,
Barclaysprospectus@broadridge.com, toll free: 1-888-603-5847, or
J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, New
York 11717 or by calling (866) 803-9204.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. In addition, this press release does not constitute a
notice of redemption with respect to the 2019 Notes.
ABOUT DIAMOND OFFSHORE
Diamond Offshore is a leader in offshore drilling, providing
contract drilling services to the energy industry around the
globe. Diamond Offshore is owned 53% by Loews Corporation
(NYSE: L).
FORWARD-LOOKING STATEMENTS
Statements contained in this press release which are not
historical facts are "forward-looking statements" within the
meaning of the federal securities laws, including forward-looking
statements relating to the anticipated use of the net proceeds from
the sale of the Notes and the redemption of the 2019 Notes.
Forward-looking statements are inherently uncertain and subject to
a variety of assumptions, risks and uncertainties that could cause
actual results to differ materially from those expected by
management of the Company. A discussion of the important risk
factors and other considerations that could materially impact these
matters as well as the Company's overall business and financial
performance can be found in the Company's reports filed with the
SEC and readers of this press release are urged to review those
reports carefully when considering these forward-looking
statements. Given these risk factors, investors and analysts should
not place undue reliance on forward-looking statements. Any such
forward-looking statements speak only as of the date of this press
release. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statement to reflect any change in the Company's
expectations with regard thereto or any change in events,
conditions or circumstances on which any forward-looking statement
is based.
Contact:
Samir Ali
Sr. Director, Investor
Relations & Corporate
Development
(281) 647-4035
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SOURCE Diamond Offshore Drilling, Inc.