Ocean Rig UDW Inc. (ORIG), a Marshall Islands-registered international offshore drilling contractor, said it intends to offer $500 million in aggregate principal amount of senior notes due 2019 in a private offering.
Ocean Rig said it intends to use the net proceeds from the offering of the Notes, together with other available funds, to fund the repurchase or redemption of its 9.5% Senior Unsecured Notes due 2016, for which it is conducting a concurrent tender offer, and to pay related fees and expenses.
RIG closed down 0.9% at $16.92, trading in a 52-week range of $14.91 to $20.97.
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