Diamond Offshore Announces Pricing of $550 Million Upsized Private Placement of 8.500% Senior Secured Second Lien Notes Due 2030

HOUSTON, Sept. 12, 2023 ~ Diamond Offshore Drilling, Inc. (NYSE: DO) and its subsidiaries, Diamond Foreign Asset Company and Diamond Finance, LLC, have announced the pricing of a private placement of $550 million in aggregate principal amount of 8.500% Senior Secured Second Lien Notes due 2030. The offering was upsized from the original offering size of $500 million in aggregate principal amount of notes. The notes will mature on October 1, 2030 and will be issued at par. The offering is expected to close on September 21, 2023, subject to customary closing conditions.

The proceeds from the offering will be used to fully repay and terminate its term loan credit facility, redeem in full its Senior Secured First Lien PIK Toggle Notes due 2027 and repay all of the borrowings outstanding under its senior secured revolving credit agreement. Any remaining net proceeds will be used for general corporate purposes.

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The securities to be offered and sold have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act and applicable state securities laws. The Company plans to offer and sell the securities only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act.

Diamond Offshore is a leader in offshore drilling services that provides innovation, thought leadership and contract drilling services around the globe for complex deepwater challenges.
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