HOUSTON, Sept. 12,
2023 /PRNewswire/ -- Diamond Offshore Drilling, Inc.
(NYSE: DO) announced today that its wholly-owned subsidiaries,
Diamond Foreign Asset Company and Diamond Finance, LLC (together,
the "Issuers"), intend, subject to market conditions, to offer (the
"Offering") for sale to eligible purchasers in a private placement
under Rule 144A and Regulation S of the Securities Act of 1933, as
amended (the "Securities Act"), $500
million in aggregate principal amount of Senior Secured
Second Lien Notes due 2030 (the "Notes").
The Company intends to use the net proceeds from the Offering to
fully repay and terminate its term loan credit facility, redeem in
full its Senior Secured First Lien PIK Toggle Notes due 2027 and
repay all of the borrowings outstanding under its senior secured
revolving credit agreement. The Company intends to use any
remaining net proceeds for general corporate purposes.
The securities to be offered and sold have not been registered
under the Securities Act, or any state securities laws, and unless
so registered, the securities may not be offered or sold in
the United States except pursuant
to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. The Company plans to offer and sell the
securities only to persons reasonably believed to be qualified
institutional buyers pursuant to Rule 144A under the Securities Act
and to persons outside the United
States pursuant to Regulation S under the Securities
Act.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any of these securities, nor shall
there be any sale of these securities in any state in which such
offer, solicitation, or sale would be unlawful. This press release
is being issued pursuant to and in accordance with Rule 135c under
the Securities Act.
ABOUT DIAMOND OFFSHORE
Diamond Offshore is a leader in offshore drilling, providing
innovation, thought leadership and contract drilling services to
solve complex deepwater challenges around the globe.
FORWARD-LOOKING STATEMENTS
Statements contained in this press release that are not
historical facts are forward-looking statements within the meaning
of Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include words or phrases such as "expect," "intend,"
"plan," "predict," "anticipate," "estimate," "believe," "should,"
"could," "would," "may," "might," "will," "will be," "will
continue," "will likely result," "project," "forecast," "budget"
and similar expressions and specifically include statements
regarding the Offering and the use of proceeds therefrom. The
forward-looking statements contained in this press release are
subject to numerous risks, uncertainties and assumptions that may
cause actual results to vary materially from those indicated. For
additional information regarding known material risks, you should
also carefully read and consider the Company's most recent annual
report on Form 10-K, which is available on the Securities and
Exchange Commission's website at www.sec.gov. Each forward-looking
statement speaks only as of the date of the particular statement,
and the Company undertakes no obligation to update or revise any
forward-looking statements, except as required by law.
Contact:
Kevin Bordosky
Senior Director, Investor Relations
(281) 647-4035
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SOURCE Diamond Offshore Drilling, Inc.