Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Big Dog who wrote (35645)	1/24/1999 7:34:00 AM
From: Teddy	Read Replies (2) of 95453

I have the CORRECT answer to who is offering to buy the DO convertible bonds. It is someone named S&A Partnership. Why do you think this is important? Diamond Offshore Drilling Inc. said it is discouraging holders of its 3.75% convertible subordinated notes due 2007 from selling their securities to S&A Partnership. In an offer made last month that was set to expire yesterday, S&A said it would pay $689.15 per $1,000 face value. Diamond Offshore, a drilling concern, said the offer doesn't represent fair market value. There are about $400 million of the notes outstanding. S&A Partnership said in a statement that it is buying the bonds for "speculative investment purposes" and that it doesn't intend to try to acquire or influence control of Diamond Offshore. S&A couldn't be reached for elaboration.

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