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Schlumberger Limited (NYSE:SLB) will redeem approximately $895 million of its senior notes due 2022. This includes $600 million in 2.65% notes by Schlumberger Finance Canada Ltd., redeemable on October 20, 2022, and $295.3 million in 3.625% notes by Schlumberger Holdings Corporation, redeemable on October 21, 2022. The redemption price will equal the principal plus accrued interest. Notifications will be sent to registered holders of these notes.
Positive
Redeeming $895 million in senior notes reduces future interest obligations.
Strengthens balance sheet through debt reduction.
Negative
None.
100% of Outstanding 2.65% Senior Notes Due 2022 and 3.625% Senior Notes due 2022 to Be Redeemed
HOUSTON--(BUSINESS WIRE)--
Schlumberger Limited (“Schlumberger”) today announced that its subsidiaries will redeem approximately $895 million of senior notes due 2022.
Schlumberger Finance Canada Ltd., an indirect wholly owned subsidiary of Schlumberger (“SFCL”), will redeem the entire outstanding principal amount of its 2.65% Senior Notes due 2022 (the “SFCL Notes”), and Schlumberger Holdings Corporation, an indirect wholly owned subsidiary of Schlumberger (“SHC”), will redeem the entire outstanding principal amount of its 3.625% Senior Notes due 2022 (the “SHC Notes” and, collectively with the SFCL Notes, the “Notes”). The aggregate principal amount of the SFCL Notes outstanding is $600,000,000, and the aggregate principal amount of the SHC Notes outstanding is $295,328,000.
The redemption date for the SFCL Notes is October 20, 2022 and the redemption date for the SHC Notes is October 21, 2022 (each, a “Redemption Date”). The Notes will be redeemed on the applicable Redemption Date at a redemption price for each series of Notes equal to (a) 100% of the aggregate principal amount being redeemed, plus (b) accrued and unpaid interest on such Notes from the last interest payment date to, but excluding, the applicable Redemption Date, in accordance with the terms of the applicable series of Notes and the applicable indenture governing such series of Notes. On and after the applicable Redemption Date, interest will cease to accrue on the Notes and the Notes will cease to be outstanding.
Notices of redemption are being sent by the trustee for the Notes to all currently registered holders of such series of Notes.
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, Schlumberger collaborates to create technology that unlocks access to energy for the benefit of all.
This press release contains “forward-looking statements” within the meaning of the federal securities laws — that is, statements about the future, not about past, events. Such statements often contain words such as “expect,” “may,” “believe,” “plan,” “estimate,” “intend,” “anticipate,” “should,” “could,” “will,” “see,” “likely” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements regarding the terms and timing of the redemption of each series of Notes. None of Schlumberger, SHC nor SFCL can give any assurance that such statements will prove correct. These statements are subject to, among other things, the risks and uncertainties detailed in Schlumberger’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. Actual outcomes may vary materially from those reflected in Schlumberger’s forward-looking statements. The forward-looking statements speak only as of the date of this press release, and Schlumberger, SHC and SFCL disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
What is Schlumberger's recent announcement regarding senior notes on October 2022?
Schlumberger announced the redemption of $895 million in senior notes due 2022, including $600 million of 2.65% notes and $295.3 million of 3.625% notes.
When will Schlumberger redeem its 2.65% Senior Notes?
The redemption for Schlumberger's 2.65% Senior Notes is scheduled for October 20, 2022.
What is the total amount of senior notes Schlumberger is redeeming?
Schlumberger is redeeming a total of approximately $895 million in senior notes.
What is the redemption price for Schlumberger's senior notes?
The redemption price will be 100% of the aggregate principal amount plus accrued and unpaid interest.
Who will send notifications about the redemption of Schlumberger's senior notes?
Notices of redemption will be sent by the trustee for the notes to all currently registered holders.
