Rowan Cos. Plc

Opened public offering of senior unsecured notes due 2025 that will be obligations of Rowan Cos. Inc. Net proceeds and cash on hand will fund cash tender offers to purchase $750 million of RCI’s 5.000% senior notes due 2017, 7.875% senior notes due 2019, 4.875% senior notes due 2022 and 4.750% senior notes due 2024. The tender offers include caps of $100 million for the 2019 notes, $235 million for the 2022 notes and $50 million for the 2024 notes. If the tender offers are not fulfilled, or the purchase price of tendered notes is less than the amount of the 2025 notes’ net proceeds, the remainder of those proceeds will support general corporate purposes including capex. BofA Merrill Lynch and Barclays Capital Inc. will be joint book-running managers for the senior notes offering.