Atwood Oceanics Announces Final Results of Cash Tender Offer
July 25 2016 - 9:20AM
Houston, July 25, 2016 - Atwood
Oceanics, Inc. (NYSE:ATW) ("Atwood" or the "Company") reported
today the final results of its previously announced modified "Dutch
Auction" tender offer (the "Offer") for up to $150,000,000
aggregate principal amount of its outstanding 6.50% Senior Notes
due 2020 (the "Notes"), pursuant to the Offer to Purchase dated
June 24, 2016 (as supplemented, the "Offer to Purchase").
As of 12:00 midnight, New York
City time, at the end of July 22, 2016, Atwood received valid
tenders totaling approximately $42.0 million aggregate principal
amount of Notes. Atwood is accepting for purchase all Notes
validly tendered and not validly withdrawn. Atwood expects to
make payment for the Notes accepted for purchase in same-day funds
on July 25, 2016 (the "Final Settlement Date").
According to information provided
by D.F. King & Co., Inc., the Information and Tender Agent for
the Offer, the Clearing Price for the Offer, as determined pursuant
to the modified "Dutch Auction" procedures described Offer to
Purchase, is $750.00 per $1,000 principal amount of Notes validly
tendered, which includes the early tender payment of $50.00.
All Notes validly tendered and accepted for purchase pursuant to
the Offer will be purchased at the Clearing Price, for an aggregate
purchase price of approximately $31.5 million (excluding accrued
and unpaid interest), representing a discount to the principal
amount of 25%. Holders whose Notes are validly tendered and
accepted for purchase pursuant to the Offer will also receive a
cash payment representing the accrued and unpaid interest on such
Notes from the last interest payment date (February 1, 2016) for
such Notes preceding the Final Settlement Date to, but not
including, the Final Settlement Date. Atwood will use cash on
hand to settle the transaction.
Credit Suisse Securities (USA) LLC
served as the dealer manager for the Offer. Questions regarding the
Offer may be directed to Credit Suisse, Liability Management Group,
at (800) 820-1653 (U.S. toll-free) and (212) 538-2147
(collect).
From time to time following the
Offer, Atwood or any of its affiliates may purchase additional
Notes that remain outstanding in the open market, in privately
negotiated transactions, through tender offers, exchange offers or
otherwise, or may redeem or defease the Notes pursuant to the terms
of the indenture governing the Notes. Any future purchase may
be on the same terms or on terms that are more or less favorable to
holders than the terms of the Offer. Any future purchases by
Atwood will depend on various factors existing at that time.
There can be no assurance as to which, if any, of these
alternatives (or combinations thereof) Atwood will pursue in the
future. In addition, there can be no assurance that any
active trading market will exist for the outstanding Notes
following any such transactions. The extent of the public
market for the Notes will depend upon the number of holders
remaining at such time, the interest in maintaining a market in
such Notes on the part of securities firms and other factors.
Atwood Oceanics, Inc. is a leading
offshore drilling company engaged in the drilling and completion of
exploration and developmental wells for the global oil and gas
industry. The Company currently owns 10 mobile offshore drilling
units and is constructing two ultra-deepwater drillships. The
Company was founded in 1968 and is headquartered in Houston, Texas.
Atwood Oceanics, Inc. common stock is traded on the New York Stock
Exchange under the symbol "ATW."
Contact: Mark W. Smith
Senior Vice President and CFO
(281) 749-7840
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Atwood Oceanics, Inc. via Globenewswire
HUG#2030432
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