HOUSTON, April 15 /PRNewswire/ -- R&B Falcon Drilling (U.S.), Inc.
(formerly Falcon Drilling Company, Inc.), a subsidiary of R&B Falcon
Corporation (NYSE: FLC), today announced pricing information in connection
with its pending tender offer and consent solicitation to the holders of its
outstanding 9-3/4% Series B Senior Notes due 2001, 8-7/8% Series B Senior
Notes due 2003, and 12-1/2% Series B Senior Subordinated Notes due 2005, as
follows:
9-3/4% Series B Senior Notes due 2001
The applicable yield on the Reference Security (5-1/8% U.S. Treasury Notes
due December 31, 1998) is 5.455%, as calculated by the Dealer Manager in
accordance with standard market practice, based on the bid price for such
Reference Security as of 12:00 noon, New York City time, on April 15, 1998, as
displayed on the Relevant Bloomberg Page (PX3). Based on the yield on the
Reference Security, the Total Consideration per $1,000 principal amount of the
9-3/4% Senior Notes tendered on or prior to the applicable Consent Date,
assuming a payment date of April 20, 1998, would be $1,045.11 (of which
$1,025.11 represents the Tender Offer Consideration and $20.00 represents the
Consent Payment).
8-7/8% Series B Senior Notes due 2003
The applicable yield on the Reference Security (5-1/2% U.S. Treasury Notes
due February 29, 2000) is 5.585%, as calculated by the Dealer Manager in
accordance with standard market practice, based on the bid price for such
Reference Security as of 12:00 noon, New York City time, on April 15, 1998, as
displayed on the Relevant Bloomberg Page (PX4). Based on the yield on the
Reference Security, the Total Consideration per $1,000 principal amount of the
8-7/8% Senior Notes tendered on or prior to the applicable Consent Date,
assuming a payment date of April 20, 1998, would be $1,093.68 (of which
$1,073.68 represents the Tender Offer Consideration and $20.00 represents the
Consent Payment).
12-1/2% Series B Senior Subordinated Notes due 2005
The applicable yield on the Reference Security (5-1/2% U.S. Treasury Notes
due February 29, 2000) is 5.585%, as calculated by the Dealer Manager in
accordance with standard market practice, based on the bid price for such
Reference Security as of 12:00 noon, New York City time, on April 15, 1998, as
displayed on the Relevant Bloomberg Page (PX4). Based on the yield on the
Reference Security, the Total Consideration per $1,000 principal amount of the
12-1/2% Senior Subordinated Notes tendered on or prior to the applicable
Consent Date, assuming a payment date of April 20, 1998, would be $1,160.29
(of which $1,130.29 represents the Tender Offer Consideration and $30.00
represents the Consent Payment).
In addition, R&B Falcon Drilling (U.S.), Inc. will pay accrued and unpaid
interest to, but not including, the payment date for each series of Notes.
Holders are referred to the Offer to Purchase and Consent Solicitation
Statement, dated March 23, 1998, as supplemented by the Supplement, dated
April 2, 1998, distributed by R&B Falcon Drilling (U.S.), Inc., for additional
information concerning the pricing, tender and delivery procedures and
conditions of the tender offer and consent solicitation.
Questions and requests for assistance concerning the tender offer and
consent solicitation should be directed to Credit Suisse First Boston
Corporation, Liability Management Group, at 212-325-4015 or 800-820-1653 or to
MacKenzie Partners, Inc. at 212-929-5500 or 800-322-2885.
SOURCE R&B Falcon Drilling Company, Inc.
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Related links:
http://www.rbfalcon.com
CONTACT:
Leighton E. Moss of R&B Falcon Drilling
(U.S.), Inc., 281-496-5000
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