Transocean Sedco Forex Inc. Announces the Expiration of the Consent Payment Deadlines With Respect to Its Previously Announced Exchange Offers
Consent Payment Aggregate Principal Per $1,000 Series of R&B Falcon Notes Amount Outstanding Principal Amount------------------------------- ------------------- ----------------6.50% Notes due April 15, 2003 $239.5 million $2.506.75% Notes due April 15, 2005 $350.0 million $3.506.95% Notes due April 15, 2008 $250.0 million $4.507.375% Notes due April 15, 2018 $250.0 million $6.009.125% Notes due Dec. 15, 2003 $87.1 million $3.009.50% Notes due Dec. 15, 2008 $300.0 million $5.00The consent payment deadline for each of the exchange offers was Midnight, NewYork City time, on February 13, 2002. As of that date, Transocean Sedco Forexhad received consents to the proposed amendments to the R&B Falcon indenturesunder which the R&B Falcon notes were issued from holders of record of amajority in principal amount of each series of notes that are subject to theexchange offers other than the 7.375% Notes.
Each exchange offer will expire at 5:00 p.m., New York City time, on March 1,2002, unless extended. Tenders may be withdrawn at any time prior to theexpiration date, but consents may no longer be revoked.
The terms and conditions of the exchange offers are contained in TransoceanSedco Forex's prospectus and consent solicitation statement, dated January 31,2002, and the related letter of transmittal and consent. Transocean SedcoForex's obligation to complete each exchange offer and cause R&B Falcon to makethe consent payments relating to that exchange offer is conditioned upon, amongother things, receipt of valid and unrevoked consents to the amendments from theholders of record of a majority in principal amount of each of the six series ofthe R&B Falcon notes. Transocean Sedco Forex currently expects to waive thisconsent condition with respect to the exchange offers for each of the six seriesof R&B Falcon notes.
Goldman, Sachs & Co. are the dealer managers for the exchange offers.
Transocean Sedco Forex is making the exchange offers solely by the prospectusand consent solicitation statement and the related letters of transmittal andconsent. Copies of the prospectus and consent solicitation statement can beobtained from Mellon Investor Services LLC, the Information Agent, at thefollowing address:
Mellon Investor Services LLC 44 Wall Street, 7th Floor New York, NY 10005 Toll Free: 877/698-6865 Banks and Brokers: 917/320-6286This announcement is neither an offer to purchase or sell nor a solicitation ofan offer to purchase or sell any securities nor shall there be any sale orpurchase of these securities in any state in which such offer, solicitation orsale would be unlawful prior to registration or qualification under thesecurities laws of any such state.
CONTACT: Transocean Sedco Forex Inc., Houston Analyst Contact: Jeffrey L. Chastain, 713/232-7551 or Media Contact: Guy A. Cantwell, 713/232-7647