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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Big Dog who wrote (42315)4/16/1999 5:07:00 AM
From: Ditchdigger  Read Replies (1) of 95453
 
Re: FLC,Actually I thought FLC made it quite clear they required additional cash(on top of the $1bb)..Also recall some analyst stating FLC had all the cash they needed,,once again the analyst was wrong, or simply overlooked the fact..The big question,is this enough cash? Was this placement made instead of the proposed "project financings" mentioned in a prior release to raise additional cash? Is this placement the "project financing" referred to?DD
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PS: after the $1BB bond placement "Steve Webster, R&B Falcon's President and Chief Executive Officer commented: "This offering
reduces our reliance on bank financing and planned project financings, the timing of which had been
delayed. While we still plan to complete project financings for the Deepwater Frontier, which is jointly
owned with Conoco, and the RBS-8M, timing is now not as critical since proceeds realized will be
used to enhance our liquidity reserve. We believe this financing ensures that R&B Falcon can complete
the industry's largest deepwater construction program and maintain a comfortable liquidity reserve even
under the current weakened market conditions the industry is experiencing."
Was this $300mm the project financings referred to in the prior PR?
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