SOURCE: Pride International

Pride International

September 10, 2010 07:22 ET

Pride International, Inc. Completes Redemption of Its 7 3/8% Senior Notes Due 2014

HOUSTON, TX--(Marketwire - September 10, 2010) -  Pride International, Inc. (NYSE: PDE) today announced that the company redeemed all of its outstanding 7 3/8% senior notes due 2014 on September 5, 2010. 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 the third quarter of 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 International, Inc., headquartered in Houston, Texas, 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.

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the company's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

Contact Information

  • Analyst Contact:
    Jeffrey L. Chastain
    (713) 917-2020

    Media Contact:
    Kate Perez
    (713) 917-2343