Seadrill Partners LLC
Seadrill Partners LLC announced a one-for-ten reverse unit split on its common units and subordinated units, which is expected to be effective after the close of trading on July 1, 2019.
The reverse split will affect all common and subordinated unit-holders uniformly and will not alter unit classes or ownership interests in the Company, except to the extent that the reverse split results in any of the Company's unit-holders owning a fractional unit. No fractional units will be issued in connection with the reverse split. Instead, in accordance with the limited liability company agreement, all fractional SDLP units will be rounded to the nearest whole unit, with 0.5 units rounded to the next higher unit.
The reverse split will reduce the number of common units issued and outstanding from 75,278,250 to approximately 7,527,825 common units, and the subordinated units from 16,543,350 to approximately 1,654,335 subordinated units.