SLB Announces Debt Exchange Offer
SLB (NYSE: SLB) announced that its subsidiary Schlumberger Holdings (SHC) has launched a debt exchange offer for up to $2.0 billion aggregate principal amount of notes. The exchange involves certain existing notes issued by Schlumberger Investment S.A. (SISA) for new notes to be issued by SHC.
The exchange offers will expire on March 27, 2025. Holders who tender their notes by the early tender deadline of March 12, 2025 will be eligible for the Early Exchange Consideration, which includes the Total Exchange Consideration and Early Exchange Premium. The early settlement date is expected to be March 17, 2025, with the final settlement date around March 31, 2025.
The new SHC notes will maintain the same interest rates, maturity dates, payment dates, and optional redemption terms as the existing SISA notes. The offers are subject to a Maximum Exchange Amount and Acceptance Priority Levels.
SLB (NYSE: SLB) ha annunciato che la sua sussidiaria Schlumberger Holdings (SHC) ha avviato un'offerta di scambio di debito per un importo complessivo di $2,0 miliardi di note. Lo scambio coinvolge alcune note esistenti emesse da Schlumberger Investment S.A. (SISA) per nuove note che saranno emesse da SHC.
Le offerte di scambio scadranno il 27 marzo 2025. I detentori che presenteranno le loro note entro la scadenza anticipata del 12 marzo 2025 saranno idonei per il Consideration di Scambio Anticipato, che include il Consideration Totale di Scambio e il Premio di Scambio Anticipato. La data di regolamento anticipato è prevista per il 17 marzo 2025, con la data di regolamento finale intorno al 31 marzo 2025.
Le nuove note SHC manterranno gli stessi tassi di interesse, date di scadenza, date di pagamento e termini di riscatto opzionali delle note SISA esistenti. Le offerte sono soggette a un Importo Massimo di Scambio e ai Livelli di Priorità di Accettazione.
SLB (NYSE: SLB) anunció que su subsidiaria Schlumberger Holdings (SHC) ha lanzado una oferta de intercambio de deuda por un monto principal agregado de hasta $2,0 mil millones en notas. El intercambio implica ciertas notas existentes emitidas por Schlumberger Investment S.A. (SISA) a cambio de nuevas notas que serán emitidas por SHC.
Las ofertas de intercambio expirarán el 27 de marzo de 2025. Los tenedores que presenten sus notas antes de la fecha límite de presentación anticipada del 12 de marzo de 2025 serán elegibles para la Consideración de Intercambio Anticipado, que incluye la Consideración Total de Intercambio y el Premio de Intercambio Anticipado. La fecha de liquidación anticipada se espera para el 17 de marzo de 2025, con la fecha de liquidación final alrededor del 31 de marzo de 2025.
Las nuevas notas de SHC mantendrán las mismas tasas de interés, fechas de vencimiento, fechas de pago y términos de redención opcionales que las notas SISA existentes. Las ofertas están sujetas a un Monto Máximo de Intercambio y Niveles de Prioridad de Aceptación.
SLB (NYSE: SLB)는 자회사인 Schlumberger Holdings (SHC)가 $20억의 총 원금 규모의 채권 교환 제안을 시작했다고 발표했습니다. 이 교환은 Schlumberger Investment S.A. (SISA)가 발행한 기존 채권을 SHC가 발행할 새로운 채권으로 교환하는 것입니다.
교환 제안은 2025년 3월 27일에 만료됩니다. 2025년 3월 12일의 조기 제출 마감일까지 채권을 제출하는 보유자는 총 교환 고려금과 조기 교환 프리미엄을 포함하는 조기 교환 고려금을 받을 자격이 있습니다. 조기 결제일은 2025년 3월 17일로 예상되며, 최종 결제일은 2025년 3월 31일 경으로 예정되어 있습니다.
새로운 SHC 채권은 기존 SISA 채권과 동일한 이자율, 만기일, 지급일 및 선택적 상환 조건을 유지합니다. 제안은 최대 교환 금액 및 수용 우선 순위 수준에 따라 다릅니다.
SLB (NYSE: SLB) a annoncé que sa filiale Schlumberger Holdings (SHC) a lancé une offre d'échange de dette pour un montant principal total pouvant atteindre $2,0 milliards d'obligations. L'échange concerne certaines obligations existantes émises par Schlumberger Investment S.A. (SISA) contre de nouvelles obligations qui seront émises par SHC.
Les offres d'échange expireront le 27 mars 2025. Les détenteurs qui soumettent leurs obligations avant la date limite de soumission anticipée du 12 mars 2025 seront éligibles pour la Considération d'Échange Anticipée, qui comprend la Considération Totale d'Échange et la Prime d'Échange Anticipée. La date de règlement anticipé est prévue pour le 17 mars 2025, avec la date de règlement finale autour du 31 mars 2025.
Les nouvelles obligations SHC maintiendront les mêmes taux d'intérêt, dates d'échéance, dates de paiement et conditions de rachat optionnelles que les obligations SISA existantes. Les offres sont soumises à un Montant Maximum d'Échange et à des Niveaux de Priorité d'Acceptation.
SLB (NYSE: SLB) gab bekannt, dass ihre Tochtergesellschaft Schlumberger Holdings (SHC) ein Schuldenumtauschangebot für bis zu $2,0 Milliarden an Gesamtnennbeträgen von Anleihen gestartet hat. Der Austausch betrifft bestimmte bestehende Anleihen, die von Schlumberger Investment S.A. (SISA) ausgegeben wurden, gegen neue Anleihen, die von SHC ausgegeben werden.
Die Umtauschangebote laufen am 27. März 2025 aus. Inhaber, die ihre Anleihen bis zur frühen Tenderfrist am 12. März 2025 einreichen, sind berechtigt für die Frühumtauschofferte, die die Gesamtausgleichsüberlegung und den Frühumtauschofferte-Prämie umfasst. Das frühzeitige Abrechnungsdatum wird voraussichtlich am 17. März 2025 liegen, während das endgültige Abrechnungsdatum um den 31. März 2025 herum sein wird.
Die neuen SHC-Anleihen werden die gleichen Zinssätze, Fälligkeitstermine, Zahlungstermine und optionale Rückzahlungsbedingungen wie die bestehenden SISA-Anleihen beibehalten. Die Angebote unterliegen einem maximalen Umtauschangebot und Prioritätsstufen für die Annahme.
- Full guarantee of new notes by SLB parent company
- Flexible early tender options for noteholders
- Maintenance of existing note terms in new securities
- No accrued interest payment on existing notes during exchange
- Complex proration and acceptance priority system may limit participation
Insights
SLB's $2 billion debt exchange offer represents a strategic corporate restructuring that consolidates obligations within its organizational structure. By moving notes from Schlumberger Investment S.A. (SISA) to Schlumberger Holdings (SHC) with parent company guarantees, SLB is likely pursuing several objectives:
This transaction appears designed to simplify SLB's corporate structure while maintaining identical terms for noteholders - same interest rates, maturity dates and redemption provisions. The early tender premium incentivizes quick participation, creating a tiered acceptance structure that prioritizes early responders.
From a balance sheet perspective, this exchange doesn't reduce SLB's overall debt burden but could provide several advantages:
- Potential tax efficiency improvements by relocating debt obligations within the corporate structure
- Enhanced financial flexibility by consolidating debt at the SHC level with parent guarantees
- Possible streamlining of covenant structures across debt instruments
- Preparation for future capital markets activities or corporate transactions
The consent solicitation component suggests SLB wants to modify terms of remaining notes, indicating a comprehensive approach to liability management. With the exchange capped at
This type of corporate housekeeping is typically undertaken when companies are optimizing their financial architecture, either in response to changing market conditions or in preparation for strategic initiatives. For investors, while the economic terms remain unchanged, the exchange offers enhanced credit protection through direct SLB guarantees, which could be particularly attractive given current market uncertainties in the energy sector.
SLB subsidiary commences offer to exchange certain outstanding existing series of notes for up to
Title of Existing
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Total Exchange Consideration(2) |
Early Exchange Premium(2) |
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806854 AM7 / US806854AM76 |
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806854 AL9 / US806854AL93 |
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806854 AK1 / US806854AK11 |
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806854 AJ4 / US806854AJ48 |
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| ___________________________ | ||
(1) |
The Existing SISA Notes will be accepted in accordance with the acceptance priority levels set forth in the table, subject to the Maximum Exchange Amount and proration as described in the Exchange Offer Memorandum. |
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(2) |
For each |
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(3) |
For each |
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In conjunction with the Offers, and on the terms and subject to the conditions set forth in the Exchange Offer Memorandum, SISA is soliciting (the “Consent Solicitations”) consents (the “Consent”) from registered holders of Existing SISA Notes (the “Holders”) to certain proposed amendments (the “Proposed Amendments”) to the indentures governing the Existing SISA Notes (the “SISA Notes Indentures”), which Proposed Amendments will become effective with respect to a particular series of Existing SISA Notes to the extent (i) participation in the Offer for such series of Existing SISA Notes exceeds
All documentation relating to the Offers, including the Exchange Offer Memorandum, together with any updates, are available from the Information Agent and Exchange Agent (as defined below) and will also be available at the following website: http://www.dfking.com/slb.
Details of the Offers and Consent Solicitations
The Offers will expire at 5:00 p.m.,
The issuance of New SHC Notes in exchange for Existing SISA Notes validly tendered at or prior to the Early Tender Time and accepted for purchase will occur reasonably promptly following the Early Tender Time and is expected to be on March 17, 2025, the third business day after the Early Tender Time (the “Early Settlement Date”). The issuance of the New SHC Notes in exchange for Existing SISA Notes validly tendered after the Early Tender Time and accepted for purchase will occur promptly following the Expiration Time and is expected to be on or about March 31, 2025, which is on or about the second business day after the Expiration Time (the “Final Settlement Date”). Holders who validly tender their Existing SISA Notes prior to the Early Tender Time may withdraw such Existing SISA Notes and revoke Consents, if applicable, at any time prior to 5:00 p.m.,
The Offers are not conditioned upon any minimum amount of any series of Existing SISA Notes being tendered. The Offers are subject to the Maximum Exchange Amount, the Acceptance Priority Levels and proration, as described below. None of the Offers or the Consent Solicitations is conditioned upon the completion of any other Offer or Consent Solicitation. Eligible Holders of Existing SISA Notes that tender such Existing SISA Notes will be deemed to have given Consent to the Proposed Amendments with respect to the Existing SISA Notes. Holders of Existing SISA Notes may not tender their Existing SISA Notes without delivering a Consent with respect to such Existing SISA Notes tendered, and Holders may not deliver a Consent without tendering the related Existing SISA Notes. The consummation of the Consent Solicitations is subject to the satisfaction or waiver of the conditions to consummate the applicable Offer set forth in the Exchange Offer Memorandum.
Subject to the Maximum Exchange Amount, proration terms and other terms and conditions described in the Exchange Offer Memorandum, the amounts of each series of Existing SISA Notes that are accepted will be determined in accordance with the acceptance priority levels set forth in the table above (the “Acceptance Priority Levels”), with Acceptance Priority Level 1 being the highest Acceptance Priority Level and Acceptance Priority Level 4 being the lowest Acceptance Priority Level. However, if the Offers are not fully subscribed as of the Early Tender Time, subject to the Maximum Exchange Amount and proration, Existing SISA Notes that are validly tendered (and not validly withdrawn) prior to the Early Tender Time will be accepted for exchange in priority to Existing SISA Notes of a higher Acceptance Priority Level that are tendered following the Early Tender Time.
Each New SHC Note issued in exchange for an Existing SISA Note will have an interest rate and maturity date that are the same as the current interest rate and maturity date of such tendered Existing SISA Note, as well as the same interest payment dates and optional redemption terms. No accrued and unpaid interest will be paid on the Existing SISA Notes in connection with the Offers. Holders of Existing SISA Notes that are accepted for exchange will be deemed to have waived the right to receive any payment from SISA for interest accrued from the date of the last interest payment date for their Existing SISA Notes. However, the first interest payment for the New SHC Notes issued in the exchange will include interest from the most recent interest payment date for such corresponding tendered Existing SISA Note on the principal amount of such New SHC Notes.
All of the Existing SISA Notes are held in book-entry form through the facilities of The Depository Trust Company (“DTC”). If you desire to tender Existing SISA Notes held through DTC, you must transfer such Existing SISA Notes to the Information Agent and Exchange Agent through DTC’s Automated Tender Offer Program (ATOP), for which the transaction will be eligible, in accordance with the procedures set forth in the Exchange Offer Memorandum. There is no letter of transmittal for the Offers. Any Holder who holds Existing SISA Notes through Clearstream Banking, société anonyme or Euroclear Bank SA/NV must comply with the applicable procedures of such clearing system. If a Holder holds Existing SISA Notes through a broker, dealer, commercial bank, trust company or other nominee or custodian, the Holder must contact them if they wish to tender their Existing SISA Notes.
Subject to applicable law and limitations described in the Exchange Offer Memorandum, each of SHC, SISA and SLB expressly reserves the right, in its sole discretion, to amend, extend or, upon failure of any condition described in the Exchange Offer Memorandum to be satisfied or waived, to terminate any of the Offers or the Consent Solicitations at any time at or prior to the Expiration Time.
SHC has retained Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and SG Americas Securities, LLC to act as the Dealer Managers in connection with the Offer (collectively, the “Dealer Managers”). Questions regarding terms and conditions of the Offers and the Consent Solicitations should be directed to Goldman Sachs & Co. LLC by calling toll-free at (800) 828-3182 or collect at (212) 934-0773 (collect), Morgan Stanley & Co. LLC by calling toll-free at (800) 624-1808 or collect at (212) 761-1057, or SG Americas Securities, LLC by calling collect at (855) 851 2108 or via email at us-glfi-syn-cap@sgcib.com.
D.F. King & Co., Inc. has been appointed as Information Agent and Exchange Agent (the “Information Agent and Exchange Agent”) in connection with the Offers and the Consent Solicitations. Questions or requests for assistance in connection with the Offers and the Consent Solicitations or for additional copies of the Exchange Offer Memorandum, may be directed to D.F. King & Co., Inc. by calling toll free (800) 791-3320 or collect at (212) 269-5550 or via e-mail at slb@dfking.com. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers and the Consent Solicitations. The Exchange Offer Memorandum can be accessed at the following website: http://www.dfking.com/slb.
Neither this press release nor the Exchange Offer Memorandum, or the electronic transmission thereof, constitutes an offer to sell or buy Existing SISA Notes or New SHC Notes, as applicable, in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities laws or otherwise. The distribution of this press release in certain jurisdictions may be restricted by law. In those jurisdictions where the securities, blue sky or other laws require the Offers to be made by a licensed broker or dealer and the Dealer Managers or any of their respective affiliates is such a licensed broker or dealer in any such jurisdiction, the Offers shall be deemed to be made by the Dealer Managers or such affiliate (as the case may be) on behalf of SHC in such jurisdiction.
About SLB
SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “plan,” “potential,” “expectations,” “estimate,” “intend,” “anticipate,” “target,” “think,” “should,” “could,” “would,” “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 for completion of the Offers and the Consent Solicitations, including the acceptance for purchase of any Existing SISA Notes validly tendered and the expected Expiration Time, Early Settlement Date and Final Settlement Date, and the consideration of the Offers. SLB and SHC cannot give any assurance that such statements will prove correct. These statements are subject to, among other things, the risks and uncertainties detailed in SLB’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should SLB’s underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in the forward-looking statements. The forward-looking statements speak only as of February 27, 2025, and SLB and SHC disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250227483400/en/
Media
Josh Byerly – SVP of Communications
Moira Duff – Director of External Communications
Tel: +1 (713) 375-3407
media@slb.com
Investors
James R. McDonald – SVP of Investor Relations & Industry Affairs
Joy V. Domingo – Director of Investor Relations
Tel: +1 (713) 375-3535
investor-relations@slb.com
Source: SLB
FAQ
What is the maximum amount of notes being exchanged in SLB's debt exchange offer?
When is the early tender deadline for SLB's note exchange offer?
What are the key dates for SLB's 2025 debt exchange settlement?
Will the new SHC notes have different terms from the existing SISA notes in SLB's exchange?
