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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
07/30/201509:35:30Quarterly Report (10-q)
07/30/201506:02:12Current Report Filing (8-k)
07/29/201517:19:00Ensco plc Reports Second Quarter 2015 Results
07/23/201509:05:00Oil and Gas Drilling and Exploration Stocks Technical Data...
07/16/201516:38:16Current Report Filing (8-k)
07/16/201516:31:00Update Regarding ENSCO DS-9 Drillship Contract
07/15/201516:25:22Current Report Filing (8-k)
07/14/201516:04:00Ensco CFO Jay Swent to Retire
06/29/201514:03:00Ensco plc Schedules Second Quarter 2015 Earnings Release and...
06/24/201517:35:05Statement of Changes in Beneficial Ownership (4)
06/18/201509:36:15Current Report Filing (8-k)
06/11/201516:04:02Analysts Debate: Is Seadrill Ltd. a Value or a Value Trap?
06/11/201509:58:02Offshore Drillers: 3 Big Risk Factors That Could Send Share Prices...
06/07/201511:01:023 of the Best Stocks to Invest in Offshore Drilling
06/05/201510:46:53Annual Report of Employee Stock Plans (11-k)
06/05/201509:49:49Statement of Changes in Beneficial Ownership (4)
06/05/201509:47:04Statement of Changes in Beneficial Ownership (4)
06/05/201509:45:22Statement of Changes in Beneficial Ownership (4)
06/05/201509:41:38Statement of Changes in Beneficial Ownership (4)
06/05/201509:39:47Statement of Changes in Beneficial Ownership (4)

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