Seadrill Will Make Second Bond Swap in a Month to Trim Debt Load

Seadrill Ltd., the offshore driller seeking to cut its debt load, agreed to swap bonds for equity in the second such deal in less than a month.

The company will issue 7.5 million new shares with par value of $2 apiece to some holders of its bonds due September 2017, in exchange for $50 million of debt principal, it said Wednesday. The deal implies a bond price of 54.75 cents on the dollar, a 3.8 percent premium to Wednesday’s closing price, Nordea Bank AB said in a note.

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