Ensco plc $1 Billion Senior Notes Offering and Concurrent Tender Offer

Davis Polk advised the representatives of the several underwriters, in an SEC-registered offering by Ensco plc of $1 billion aggregate principal amount of its 7.75% senior notes due 2026.

Davis Polk also advised the dealer managers in connection with Ensco’s concurrent cash tender offer for its outstanding 8.50% senior notes due 2019, 6.875% senior notes due 2020 and 4.70% senior notes due 2021. The tender offer was funded with the proceeds of the notes offering.

Ensco is a global provider of offshore drilling services to the petroleum industry. It currently owns and operates a fleet of offshore drilling rigs spanning most of the strategic markets around the globe. Ensco is headquartered in Houston, Texas, and domiciled in the United Kingdom.

The Davis Polk capital markets team included partner Michael Kaplan and associates Milson C. Yu and Jacqueline Marino. The tax team included partner Jonathan Cooklin, counsel Alon Gurfinkel and associates Omer Harel and Dominic Foulkes. Counsel Loyti Cheng and associate Michael Comstock provided environmental advice. Members of the Davis Polk team are based in the New York and London offices.