HOUSTON, March 25 /PRNewswire-FirstCall/ -- BJ Services Company
(NYSE: BJS; CBOE; PCX) (the "Company") announced today that it has called for
the redemption of all of its outstanding Convertible Senior Notes due 2022
(the "Notes"). The aggregate redemption price is approximately $422.4 million
($817.99 per $1,000 principal amount), plus accrued and unpaid interest to,
but excluding, the redemption date, which is April 25, 2005. The Company
intends to fund the redemption of the Notes from cash. Holders will have the
right to elect to convert their Notes to shares of the Company's common stock,
par value $.10 per share, at any time prior to the close of business on the
second business day before the redemption date, in accordance with the terms
of the indenture governing the Notes. If any holder exercises such right, the
Company has the right to settle the conversion in cash, common stock or a
combination thereof.
This press release contains forward-looking statements. These statements
are based on assumptions that may prove to be inaccurate, and they are subject
to risks and uncertainties that may cause actual results to differ materially
from expected results. These risk factors include, without limitation,
general global business and economic conditions, drilling activity and rig
count, pricing volatility for oil and gas, reduction in demand for our
services and products, risks from operating hazards such as fire, explosion
and oil spills, unexpected litigation for which insurance and customer
agreements do not provide complete protection, consequences of changes in
exchange rates and declines in the U.S. dollar, and risks associated with our
international operations, including potential instability and hostilities.
This list of risk factors is not intended to be comprehensive. More extensive
information concerning risk factors may be found in our public filings with
the Securities and Exchange Commission.
BJ Services Company is a leading provider of pressure pumping and other
oilfield services to the petroleum industry.
SOURCE BJ Services Company
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Related links:
http://www.bjservices.com
CONTACT:
Trey Whichard of BJ Services Company,
+1-713-462-4239
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