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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
05/23/201614:08:00Ensco plc Announces Cash Dividend
05/13/201616:28:27Statement of Changes in Beneficial Ownership (4)
05/05/201611:17:00Ensco Files 8K - Other Events
05/05/201610:47:34Current Report Filing (8-k)
04/28/201616:35:25Statement of Ownership (sc 13g)
04/28/201610:09:09Quarterly Report (10-q)
04/27/201616:54:43Current Report Filing (8-k)
04/27/201616:33:00Ensco plc Reports First Quarter 2016 Results
04/20/201608:40:00Ensco Files 8K - Other Events
04/20/201608:10:57Current Report Filing (8-k)
04/18/201616:15:39Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
04/15/201609:02:00Ensco Prices Upsized Public Offering of Class A Ordinary Shares
04/14/201617:57:00Ensco Stock Falls on Plans to Offer 50 Million Shares
04/14/201616:42:31Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
04/14/201616:36:28Current Report Filing (8-k)
04/14/201616:06:00Ensco Commences Public Offering of Class A Ordinary Shares
04/11/201616:54:00Ensco Files 8K - Regulation FD
04/11/201616:25:22Current Report Filing (8-k)
04/07/201618:47:00Ensco plc Schedules First Quarter 2016 Earnings Release and Conference...
04/04/201609:02:00Ensco Announces Final Results of Cash Tender Offers

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