Houston-based drilling contractor Pride International Inc. (NYSE: PDE) redeemed all of its outstanding 7 3/8% senior notes due 2014 on Sept. 5. The aggregate principal amount of $500 million was redeemed at a price of 102.458% of the principal amount, plus approximately $5.1 million of accrued interest. The total cash paid was approximately $517.4 million.
The company financed the redemption of the notes with proceeds from the recently completed public offering of $1.2 billion aggregate principal amount of senior notes. As a result of the redemption, the company expects to incur during third-quarter 2010 a charge totaling $16.4 million related to the prepayment premium and write-off of deferred financing costs and discount related to the notes.
Pride operates a fleet of 24 rigs, including three deepwater drillships, 12 semisubmersible rigs, seven jackups and two managed deepwater rigs. The company also has three ultra-deepwater drillships under construction. The company's floating rig fleet operates primarily offshore Brazil and West Africa.
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