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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;

Stock News for Ensco (ESV)
02/10/201610:19:48Amended Statement of Ownership (sc 13g/a)
02/10/201608:09:57Amended Statement of Ownership (sc 13g/a)
02/05/201617:15:49Initial Statement of Beneficial Ownership (3)
02/05/201614:14:59Statement of Ownership (sc 13g)
02/01/201613:18:00Ensco plc Schedules Fourth Quarter and Full-Year 2015 Earnings...
02/01/201605:30:00Ensco Files 8K - Changes Executive Management
01/29/201616:39:06Current Report Filing (8-k)
01/28/201609:43:00Ensco Names Michael McGuinty Senior Vice President – General C...
01/14/201614:07:00Ensco Rated #1 Offshore Driller for Sixth Consecutive Year in...
01/06/201606:30:00Ensco Files 8K - Other Events
01/06/201606:01:40Current Report Filing (8-k)
01/05/201617:46:04Statement of Changes in Beneficial Ownership (4)
01/05/201616:56:00MARKET SNAPSHOT: U.S. Stocks Snap 3-day Slump, End Slightly Higher
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12/28/201518:45:36Statement of Changes in Beneficial Ownership (4)
12/14/201518:06:33Statement of Changes in Beneficial Ownership (4)
12/11/201517:04:00Ensco Files 8K - Changes Executive Management
12/11/201516:36:43Amended Statement of Changes in Beneficial Ownership (4/a)
12/11/201516:35:52Current Report Filing (8-k)

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