NADL - North Atlantic Drilling Ltd. Announces Proposed Offering of US$600 Million of Unsecured Senior Notes due 2019
Hamilton, Bermuda, January 20, 2014 - North Atlantic Drilling Ltd. ("North
Atlantic Drilling"), our majority owned subsidiary, announced today that it
intends to offer US$600 million in aggregate principal amount of unsecured
senior notes due 2019 (the "Notes") in a private offering within the United
States to qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended (the "Securities Act"), and to certain other
persons outside of the United States in reliance on Regulation S under the
North Atlantic Drilling intends to use the net proceeds of this offering for the
prepayment of existing indebtedness, including a premium on early settlement,
transaction expenses and general corporate purposes.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy the Notes, nor shall there be any sale of the Notes in any
jurisdiction in which such offer, solicitation or sale is unlawful. Any offer of
the Notes will be made only by means of a private offering memorandum.
The Notes have not been, and will not be, registered under the Securities Act or
the securities laws of any other jurisdiction and may not be offered or sold in
the United States absent registration or an applicable exemption from
registration requirements under the Securities Act.
The statements in this news release that are not historical facts may be
forward-looking statements. Such forward looking statements are based upon the
current beliefs and expectations of North Atlantic Drilling's management and are
subject to risks and uncertainties which could cause actual results to differ
from the forward looking statements. The information set forth herein should be
read in light of such risks. North Atlantic Drilling does not assume any
obligation to update the information contained in this news release.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seadrill Limited via GlobeNewswire