HOUSTON, March 23 /PRNewswire/ -- R&B Falcon Corporation (NYSE: FLC)
announced today that it proposes to make a private placement of an aggregate
of $1 billion of new debt securities. These securities will be unsecured
senior notes of R&B Falcon in different series having various principal
amounts and maturities to be determined. The purpose of the offering is to
raise funds to pay the tender offer consideration for the recently announced
tender offer by the Company's subsidiary, Falcon Drilling Company, Inc., for
its $280 million aggregate outstanding public debt, to repay existing bank
debt and other indebtedness of the Company's subsidiaries, and for planned
capital expenditures, working capital and general corporate purposes. The
Company anticipates that the closing of the offering will occur in mid to late
April, 1998.
The proposed new debt securities will not be registered under the
Securities Act of 1933, as amended, or any state securities laws and may not
be offered or sold in the United States absent registration or an applicable
exemption from registration requirements. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful.
This press release includes forward-looking statements regarding the
present intentions and expectations of management of the Company. Certain
factors beyond the Company's control could cause the Company's results to
differ materially from those in these forward-looking statements. These
factors include general market conditions and prevailing interest rates,
industry conditions in the oil and gas industry generally and in the offshore
contract drilling industry, operational risks inherent in the Company's
business, and government regulation and environmental matters.
R&B Falcon Corporation is a New York Stock Exchange listed company, an
international oil and gas drilling contractor. The Company operates 115
marine drilling rigs, the world's largest fleet.
SOURCE R&B Falcon Corporation
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Related links:
http://www.rbfalcon.com
CONTACT:
Charles R. Ofner of R&B Falcon Corporation,
281-496-5000
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