Rowan Companies, Inc. $400 Million Offering of 5% Senior Notes

Rowan Companies, Inc. RDC today announced that it has priced a public offering of $400 million of its 5.000% senior notes due 2017, in a registered public offering. Rowan expects the proceeds from the notes offering to be used for general corporate purposes, including the potential repayment of indebtedness of Skeie Drilling & Production ASA. The notes will be issued at 99.504% percent of their principal amount and will have a fixed-rate interest rate of 5.000 percent per annum and a maturity date of September 1, 2017. The expected settlement date for the offering is August 30, 2010.