Transocean Sedco Forex Announces Plans for Debt Exchange Offer
Transocean Sedco Forex expects to offer notes that have the same principal amount, interest rate, redemption terms and payment and maturity date as the R&B Falcon notes sought for exchange. Transocean Sedco Forex also expects to seek amendments to the indentures under which the R&B Falcon notes were issued and to offer a cash payment to holders of R&B Falcon notes accepted for exchange that consent to these amendments. Transocean Sedco Forex plans to file a registration statement in the next few weeks that will include the terms and conditions of the exchange offers.
This press release does not constitute an offer of any securities for sale.
Statements regarding the expected exchange offers (including timing and terms) and related consent solicitation are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to the market conditions for R&B Falcon and Transocean Sedco Forex debt securities, the financial results, business and financial condition of both companies, the timing of the exchange offers, the satisfaction of conditions of the exchange offers and other factors detailed in Transocean Sedco Forex's and R&B Falcon's most recent Forms 10-Q and Forms 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
CONTACT: Transocean Sedco Forex Inc., Houston Analyst Contact: Jeffrey L. Chastain, 713/232-7551 or Media Contact: Guy A. Cantwell, 713/232-7647