July 25, 2016 - 9:20 AM EDT
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Atwood Oceanics Announces Final Results of Cash Tender Offer

Houston, July 25, 2016 - Atwood Oceanics, Inc. (NYSE:ATW) ("Atwood" or the "Company") reported today the final results of its previously announced modified "Dutch Auction" tender offer (the "Offer") for up to $150,000,000 aggregate principal amount of its outstanding 6.50% Senior Notes due 2020 (the "Notes"), pursuant to the Offer to Purchase dated June 24, 2016 (as supplemented, the "Offer to Purchase"). 

As of 12:00 midnight, New York City time, at the end of July 22, 2016, Atwood received valid tenders totaling approximately $42.0 million aggregate principal amount of Notes.  Atwood is accepting for purchase all Notes validly tendered and not validly withdrawn.  Atwood expects to make payment for the Notes accepted for purchase in same-day funds on July 25, 2016 (the "Final Settlement Date").

According to information provided by D.F. King & Co., Inc., the Information and Tender Agent for the Offer, the Clearing Price for the Offer, as determined pursuant to the modified "Dutch Auction" procedures described Offer to Purchase, is $750.00 per $1,000 principal amount of Notes validly tendered, which includes the early tender payment of $50.00.  All Notes validly tendered and accepted for purchase pursuant to the Offer will be purchased at the Clearing Price, for an aggregate purchase price of approximately $31.5 million (excluding accrued and unpaid interest), representing a discount to the principal amount of 25%.  Holders whose Notes are validly tendered and accepted for purchase pursuant to the Offer will also receive a cash payment representing the accrued and unpaid interest on such Notes from the last interest payment date (February 1, 2016) for such Notes preceding the Final Settlement Date to, but not including, the Final Settlement Date.  Atwood will use cash on hand to settle the transaction. 

Credit Suisse Securities (USA) LLC served as the dealer manager for the Offer. Questions regarding the Offer may be directed to Credit Suisse, Liability Management Group, at (800) 820-1653 (U.S. toll-free) and (212) 538-2147 (collect). 

From time to time following the Offer, Atwood or any of its affiliates may purchase additional Notes that remain outstanding in the open market, in privately negotiated transactions, through tender offers, exchange offers or otherwise, or may redeem or defease the Notes pursuant to the terms of the indenture governing the Notes.  Any future purchase may be on the same terms or on terms that are more or less favorable to holders than the terms of the Offer.  Any future purchases by Atwood will depend on various factors existing at that time.  There can be no assurance as to which, if any, of these alternatives (or combinations thereof) Atwood will pursue in the future.  In addition, there can be no assurance that any active trading market will exist for the outstanding Notes following any such transactions.  The extent of the public market for the Notes will depend upon the number of holders remaining at such time, the interest in maintaining a market in such Notes on the part of securities firms and other factors.

Atwood Oceanics, Inc. is a leading offshore drilling company engaged in the drilling and completion of exploration and developmental wells for the global oil and gas industry. The Company currently owns 10 mobile offshore drilling units and is constructing two ultra-deepwater drillships.  The Company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. common stock is traded on the New York Stock Exchange under the symbol "ATW."

Contact: Mark W. Smith
Senior Vice President and CFO
(281) 749-7840

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Atwood Oceanics, Inc. via Globenewswire


Source: Thomson Reuters ONE (July 25, 2016 - 9:20 AM EDT)

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