Ensco plc (ESV) announced today that it has priced an underwritten offering of $1.1 billion principal amount of senior unsecured notes consisting of two series:

  • $700 million principal amount of 5.20% senior unsecured notes due 2025 priced at 99.622% of par; and
  • $400 million principal amount of additional 5.75% senior unsecured notes due 2044 priced at 95.335% of par.

The expected settlement date for the offering is 12 March 2015, subject to customary closing conditions.

Concurrent with the notes offering, Ensco is conducting a cash tender offer for any and all of its 3.25% Senior Notes due 2016 (the “2016 notes”). Ensco intends to use a portion of the net proceeds from the notes offering to fund the purchase price and accrued interest payable with respect to the 2016 notes and to fund the redemption of any 2016 notes outstanding after completion of the tender offer. Ensco also intends to use the remaining net proceeds to redeem all of its outstanding government guaranteed MARAD obligations with approximately $65.3 million aggregate principal amount maturing through 2020 (the “MARAD obligations”) and for general corporate purposes.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are acting as joint book-running managers in connection with the offering. The final prospectus supplement and related prospectus for this offering may be obtained on the Securities and Exchange Commission’s website at www.sec.gov or, upon request, from any of the representatives of the underwriters:

Citigroup Global Markets Inc. Deutsche Bank Securities Inc. HSBC Securities (USA) Inc.
c/o Broadridge Financial Solutions Attention: Prospectus Group Attention:
1155 Long Island Avenue 60 Wall Street Transaction Management Group
Edgewood, NY 11717 New York, NY 10005

Email: [email protected]

Email: [email protected]

Email: [email protected]

Fax number: 1-212-525-0238
Telephone: 1-800-831-9146 Telephone: 1-800-503-4611

Telephone: 1-212-525-3652

Toll-free number: 1-866-811-8049

This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes described herein. The notes will be offered by means of a prospectus, meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and only to such persons and in such jurisdiction as is permitted by applicable law. The offering of notes was made pursuant to an effective shelf registration statement and prospectus filed by Ensco with the SEC. The tender offer is being made pursuant to the offer to purchase issued in connection with the tender offer, and this press release is not an offer to purchase with respect to any of the 2016 notes.

Ensco is not obligated to undertake any redemption of the 2016 notes or the MARAD obligations, and there can be no assurance that it will consummate the tender offer or redeem the 2016 notes or MARAD obligations. The statements of intent herein with respect to the redemption of the 2016 notes and the MARAD obligations do not constitute a notice of redemption under the agreements governing such indebtedness. Any notice of redemption with respect to such indebtedness, if made, will only be made in accordance with the agreements governing such indebtedness.

Ensco plc (ESV) is a global provider of offshore drilling services to the petroleum industry. Ensco plc is an English limited company (England No. 7023598) with its registered office and corporate headquarters located at 6 Chesterfield Gardens, 3rd Floor, London, United Kingdom W1J 5BQ.

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