Summary
This 8-K filing from Schlumberger Limited (SLB) on June 10, 2003, primarily reports on the company's successful completion of a significant debt financing. On June 4, 2003, the company announced the pricing of $850 million in 1.500% Series A Convertible Debentures and $450 million in 2.125% Series B Convertible Debentures, both due June 1, 2023. The sale of these debentures subsequently closed on June 9, 2003. This issuance represents a substantial capital raise for SLB, totaling $1.3 billion. The convertible nature of the debentures suggests the company is seeking to potentially finance its operations or strategic initiatives while offering investors an equity upside potential. Investors should note the coupon rates, which appear relatively low, likely reflecting the convertible feature and the company's credit standing at the time.
Key Highlights
- 1SLB priced $850 million of 1.500% Series A Convertible Debentures due June 1, 2023.
- 2SLB priced $450 million of 2.125% Series B Convertible Debentures due June 1, 2023.
- 3Total principal amount of convertible debentures priced is $1.3 billion.
- 4The sale of these debentures closed on June 9, 2003.
- 5The filing incorporates by reference a press release dated June 4, 2003, detailing the transaction.
- 6The company's Chief Accounting Officer, Frank A. Sorgie, signed the report.