Seadrill seals another debt-for-equity deal

Seadrill seals another debt-for-equity deal

John Fredricksen’s Seadrill has privately negotiated another exchange agreement with certain holders of its outstanding 5-5/8% senior notes due 2017.

The Oslo-listed company will issue 7.5m new common shares, each with a par value of $2.00, in exchange for $50m principal amount of the 2017 notes.

Settlement is expected on June 13, Seadrill said, after which the company will have a total of 508,444,280 issued and outstanding shares of its common stock.

The company completed a similar deal, worth $55m, in late May.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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