Offshore drilling services provider Seadrill Ltd. agreed to a debt-to-equity exchange with certain bondholders as part of its broader debt restructuring plan.
The company agreed to issue a total of 7.5m new equity shares having par value of $2 per share in exchange for $50m principal amount of the 5.625% Senior Unsecured notes due 2017.
Settlement of this offer was expected to occur on 13 June 2016, upon which the company would have a total of 508,444,280 shares of its common stock outstanding.
Source: Seadrill Ltd. Press Release
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