(BUSINESS WIRE) --
Schlumberger Limited (“Schlumberger”) today announced that Schlumberger
Holdings Corporation, an indirect wholly-owned subsidiary of
Schlumberger (“SHC”), has commenced a cash tender offer for any and all
of its outstanding (a) 3.000% Senior Notes due 2020 (the "2020 Notes")
and (b) 3.625% Senior Notes due 2022 (the "2022 Notes,” and together
with the 2020 Notes, the "Notes"), on the terms and subject to the
conditions set forth in the Offer to Purchase, dated the date hereof (as
may be amended or supplemented from time to time, the "Offer to
Purchase") and the related Notice of Guaranteed Delivery attached to the
Offer to Purchase (as may be amended or supplemented from time to time,
the "Notice of Guaranteed Delivery"). As of September 18, 2019, there
were $1,198,732,000 aggregate principal amount of the 2020 Notes
outstanding and $616,522,000 aggregate principal amount of the 2022
Notes outstanding. The tender offer is referred to herein as the
"Offer." The Offer to Purchase and the Notice of Guaranteed Delivery are
referred to herein collectively as the "Offer Documents."
Certain information regarding the Notes and the pricing for the Offer is set forth in the table below.
Title of Security
|
CUSIP Numbers
|
Principal Amount
Outstanding |
U.S. Treasury
Reference Security |
Bloomberg
Reference Page |
Fixed Spread
|
3.000% Senior Notes
due 2020 |
806851AC5 /
U8066LAC8 |
$1,198,732,000
|
1.875% U.S. Treasury
Notes due December 15, 2020 |
PX4
|
25 bps
|
3.625% Senior Notes
due 2022 |
806851AE1 /
U8066LAD6 |
$616,522,000
|
1.500% U.S. Treasury
Notes due September 15, 2022 |
PX1
|
35 bps
|
Holders
must validly tender (and not validly withdraw) their Notes, or deliver a
properly completed and duly executed Notice of Guaranteed Delivery for
their Notes, at or before the Expiration Time (as defined below) in
order to be eligible to receive the applicable Tender Offer
Consideration (as defined below). In addition, holders whose Notes are
purchased in the Offer will receive accrued and unpaid interest from the
last interest payment date to, but not including, the Settlement Date
(as defined in the Offer to Purchase) for the applicable Notes. SHC
expects the Settlement Date to occur on September 27, 2019, the third
business day after the Expiration Time.
The
Offer will expire at 5:00 p.m., New York City time, on September 24,
2019 (such time and date, as it may be extended, the "Expiration Time"),
unless extended or earlier terminated by SHC. The Notes tendered may be
withdrawn at any time at or before the Expiration Time by following the
procedures described in the Offer to Purchase.
SHC's
obligation to accept for purchase and to pay for Notes validly tendered
and not validly withdrawn pursuant to the Offer is subject to the
satisfaction or waiver, in SHC's discretion, of certain conditions,
which are more fully described in the Offer to Purchase. The complete
terms and conditions of the Offer are set forth in the Offer Documents.
Holders of the Notes are urged to read the Offer Documents carefully.
The
applicable "Tender Offer Consideration" for each $1,000 principal
amount of Notes validly tendered and not validly withdrawn and accepted
for purchase pursuant to the Offer will be determined in the manner
described in the Offer Documents by reference to the applicable fixed
spread for such Notes specified in the table above plus the yield based
on the bid-side price of the applicable U.S. Treasury Reference Security
specified in the table above at 2:00 p.m., New York City time, on
September 24, 2019, unless extended.
SHC
has retained D.F. King & Co., Inc. ("D.F. King") as the tender
agent and information agent for the Offer. SHC has retained Goldman
Sachs & Co. LLC as the dealer manager for the Offer.
Holders
who would like additional copies of the Offer Documents may call or
email D.F. King at (866) 530-8635. Copies of the Offer to Purchase and
the Notice of Guaranteed Delivery are also available at the following
website: https://dfking.com/slb/.
Questions regarding the terms of the Offer should be directed to
Goldman Sachs & Co. LLC at 200 West Street, New York, NY 10282,
telephone (800) 828-3182 (toll-free), (212) 902-6351 (collect), Attn:
Liability Management.
This
press release shall not constitute an offer to buy or a solicitation of
an offer to sell any Notes. The Offer is being made solely pursuant to
the Offer Documents. The Offer is not being made to holders of Notes in
any jurisdiction in which the making or acceptance thereof would not be
in compliance with the securities, blue sky or other laws of such
jurisdiction. In any jurisdiction in which the securities laws or blue
sky laws require the Offer to be made by a licensed broker or dealer,
the Offer will be deemed to be made on behalf of SHC by Goldman Sachs
& Co. LLC or one or more registered brokers or dealers that are
licensed under the laws of such jurisdiction.
Cautionary Note Regarding Forward-Looking Statements
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 for
completion of the Offer, including the acceptance for purchase of any
Notes validly tendered and the expected Expiration Time and Settlement
Date thereof, and the consideration of the Offer. Schlumberger 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 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 made, and Schlumberger disclaims
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/20190918005531/en/
Contacts
Simon Farrant – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Office +1 (713) 375-3535
investor-relations@slb.com
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