SLB Announces Early Results and Increase in Maximum Purchase Price of Debt Tender Offer
SLB (NYSE: SLB) has announced early results regarding its cash offer to purchase up to $800 million in notes. The maximum purchase price was increased from $500 million, with no Notes of Acceptance Priority Levels 3 or 4 being accepted. The tender offers are related to several Senior Notes, including those due in 2024, 2025, 2028, and 2029, with a total principal amount outstanding over $4 billion. The Offer will expire on December 19, 2022, following an Early Settlement Date on December 8, 2022, if conditions are met.
- Increased the Maximum Purchase Price from $500 million to $800 million.
- Total principal amount outstanding exceeds $4 billion across multiple note issuances, indicating strong investor interest.
- No Notes with Acceptance Priority Levels 3 and 4 will be accepted for purchase, limiting options for some investors.
- The early tender period saw demand exceeding capacity, indicating potential disappointment among some noteholders.
SLB (NYSE: SLB) today announced the early results of the previously announced offer by
The Offer is made upon the terms and subject to the conditions set forth in the offer to purchase, dated
Title of Security |
CUSIP Numbers |
Acceptance
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Principal Amount
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Principal Amount
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806851AJ0 (144A) /
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1 |
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806851AG6 (144A) / U8066LAE4 (Reg S) |
2 |
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806851AK7 (144A) / U8066LAH7 (Reg S) |
3 |
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806851AH4 (144A) /
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4 |
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_________________________ | ||||||
(1) |
SHC will accept Notes in accordance with their Acceptance Priority Level specified in the table above (each, an “Acceptance Priority Level,” with 1 being the highest Acceptance Priority Level and 4 being the lowest Acceptance Priority Level), subject to the terms and conditions described elsewhere in the Offer to Purchase, including the Maximum Purchase Price and proration. No Notes with Acceptance Priority Levels 3 and 4 will be accepted for purchase. |
All documentation relating to the Offer, including the Offer to Purchase, together with any updates, are available from the Tender and Information Agent (as defined below) and are also available at the following website: http://www.dfking.com/slb.
SLB expects to announce the pricing of the Offer, including any proration with respect to the Notes accepted for purchase, later today,
Subject to satisfaction or waiver of the General Conditions by such date, all Notes validly tendered (and not validly withdrawn) at or prior to the Early Tender Time and accepted for purchase will be purchased by the Company on the “Early Settlement Date,” which is expected to occur on
The Offer is scheduled to expire at
Subject to applicable law and limitations described in the Offer to Purchase, SHC expressly reserves the right, in its sole discretion, to amend, extend or, upon failure of any condition described in the Offer to Purchase to be satisfied or waived, to terminate the Offer at any time at or prior to the Expiration Time.
SHC has retained
Neither this press release nor the Offer to Purchase, or the electronic transmission thereof, constitutes an offer to sell or buy 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 Offer 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 Offer 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. Find out more at slb.com.
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 expected timing for completion of the Offer, and the consideration of the Tender Offer. 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
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Media
Tel: +1 (713) 375-3407
Email: media@slb.com
Investors
Tel: +1 (713) 375-3535
Email: investor-relations@slb.com
Source: SLB
FAQ
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