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Ensco PLC Selling 5-, 10-Year Bonds To Help Fund Pride International Merger

By Katy Burne Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Offshore drilling services company Ensco Plc (ESV) is selling five- and 10-year senior unsecured bonds to help fund its merger with Pride International Inc. (PDE). That cash and stock transaction--announced Feb. 7--is expected to create the world's second largest offshore driller, with an enterprise value of $16 billion. Under the deal, Pride shareholders will get newly issued Ensco shares plus $15.60 in cash for each share of Pride common stock. The Ensco bonds are expected to be rated Baa1 by Moody's Investors Service and BBB+ by Standard & Poor's, and proceeds from the sale will fund the cash portion of the merger. The company has not said how big the bond sale will be, but a benchmark deal typically means at least $500 million will be sold. Holders of the notes will be able to sell them back to Ensco at 101% of their face value if the merger is terminated within six months of the issue date, or 102% of par if the merger is not consummated by Feb. 3, 2012 or is terminated within six months. Leading the sale are Citigroup, Deutsche Bank, Wells Fargo Securities. -By Katy Burne, Dow Jones Newswires; 212-416-3084; katy.burne@dowjones.com

Stock News for Ensco (ESV)
DateTimeHeadline
07/17/201402:07:50Ensco Files 8K - Regulation FD
06/13/201413:00:12Ensco Files 8K - Other Events
06/05/201417:57:43Ensco Files 8K - Changes Executive Management
04/28/201416:53:22MARKET SNAPSHOT: Market Leaders Energy, Utilities Face Earnings...
04/27/201406:17:33MARKET SNAPSHOT: Energy, Utilities Companies Face Earnings Tests
11/15/201309:01:37HBK Investments LP 3Q 13F: Largest Eliminations
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Purchases
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Sales
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Eliminations -2-
11/15/201308:12:57Fidelity Management & Research Co. 3Q 13F: -2-
11/15/201308:12:57Fidelity Management & Research Co. 3Q 13F: Holdings As Of Sep...
11/15/201307:07:21Two Sigma Investments 3Q 13F: Holdings As Of Sep -2-
11/15/201307:07:21Two Sigma Investments 3Q 13F: Holdings As Of Sep 30
11/15/201307:04:51Bridgewater Associates LP 3Q 13F: Largest Eliminations
04/08/201320:50:07Keppel Corp Wins $225 Million Rig-Building Contract From Ensco...
09/21/201215:48:08Ensco Executive Says Offshore Drill Rig Market Strong Through...
09/18/201219:13:14Seven Oil-Related Stocks See Unusual Late-Day Price Spikes
07/26/201218:58:06S&P: Ensco to Replace Goodrich on S&P 500 Index
06/28/201213:27:06Moody's Upgrades Diamond Offshore on Lower Debt Levels Amid Fleet...
05/10/201210:15:16Ditched N Sea Helicopter Bound For ConocoPhillips-leased Rig

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