diana, Some FLC news:
Falcon Drilling Announces Amendment of Tender Offer for 12-1/2%
Senior Subordinated Notes Due 2005
HOUSTON, April 2 /PRNewswire/ -- Falcon Drilling Company, Inc. today announced that it has amended its tender offer
and consent solicitation for its outstanding 12-1/2% Senior Subordinated Notes Due 2005. Falcon has not amended its
concurrent tender offers and consent solicitations for its 9-3/4% Senior Notes Due 2001 and 8-7/8% Senior Notes Due 2003.
In conjunction with the tender offer for the Senior Subordinated Notes, Falcon is soliciting consents to effect certain
amendments to the indenture under which the Senior Subordinated Notes were issued, including the elimination of substantially
all of the restrictive covenants and certain of the events of default. The Company is increasing the Consent Payment to holders
of Senior Subordinated Notes from $20.00 to $30.00 per $1,000 principal amount of Senior Subordinated Notes for which a
valid consent is received. The Company is, however, reducing the Tender Offer Consideration payable for the Senior
Subordinated Notes by an offsetting amount. Accordingly, the combined Consent Payment and Tender Offer Consideration, or
Total Consideration, remains the same.
The Company is also extending the Consent Date for the Senior Subordinated Notes to 5:00 p.m., New York City time, on
the later of (i) April 9, 1998 or (ii) the date on which holders of a majority of the Notes have consented to the proposed
amendments and Falcon has delivered such consents to the Trustee. To receive a Consent Payment, holders of the Senior
Subordinated Notes must provide their consents to the proposed amendments by such date. Falcon has not amended the
Consent Dates for either series of its Senior Notes. The tender offer for all series of Falcon Notes expires at 12:00 midnight,
New York City time, on April 17, 1998, unless extended.
Credit Suisse First Boston is the Dealer Manager for the tender offer and consent solicitation and MacKenzie Partners, Inc. is
the Information Agent.
Falcon is a wholly owned subsidiary of R&B Falcon Corporation (NYSE: FLC - news). R&B Falcon owns and operates the
world's largest fleet of marine drilling rigs.
SOURCE: R&B Falcon Drilling Company, Inc. |
