Summary
SLB Limited/NV (SLB) announced on December 6, 2022, the early tender results for its subsidiary's cash tender offer on several series of senior notes. The offer, initially capped at $500 million, has been increased to a maximum purchase price of $800 million. This adjustment reflects a strong initial response and potentially a revised capital allocation strategy by SLB. Investors should note that while the maximum purchase price has been raised, SLB has stated that no notes with Acceptance Priority Levels 3 and 4 will be accepted for purchase. All other terms of the tender offer remain consistent with the Offer to Purchase dated November 21, 2022. This filing serves as a regulatory disclosure of these tender offer developments, providing early insights into SLB's debt management activities and market receptiveness to its offer.
Key Highlights
- 1SLB's indirect subsidiary has increased the maximum purchase price for its cash tender offer for senior notes from $500 million to $800 million.
- 2The tender offer is for the Issuer's outstanding 3.750% Senior Notes due 2024, 4.000% Senior Notes due 2025, 3.900% Senior Notes due 2028, and 4.300% Senior Notes due 2029.
- 3Early tender results as of December 5, 2022, indicate significant investor participation.
- 4Notes with Acceptance Priority Levels 3 and 4 will not be accepted for purchase, regardless of the increased purchase price.
- 5The tender offer is subject to the terms and conditions outlined in the Offer to Purchase dated November 21, 2022.
- 6This filing (Exhibit 99) is a press release providing an update on the tender offer, not considered 'filed' under Section 18 of the Exchange Act but is incorporated by reference.
- 7The filing contains forward-looking statements subject to risks and uncertainties detailed in SLB's other SEC filings.