Each one in plain English, with the numbers worked through for a shareholder.
29 Sept 2014capital raising announcement● Neutral
The September offering priced and closed on 29 September 2014: 8,000,000 units at $30.68 each, about $256.3 million gross per the press release. The press release also refers to a concurrent private placement, but this filing gives no buyer or size for it (inference: it is likely Seadrill Limited, as in earlier offerings). Proceeds are for general company purposes. This completes the offering announced on 23 September.
What it means for a shareholder
8.0m new shares at $30.68 to raise about $256m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Seadrill Partners announced a public offering of 8,000,000 common units, with Morgan Stanley and Barclays as book runners. Proceeds are for general company purposes (which may include acquisitions, repaying debt and working capital), with no named rig purchase. Like the June 2014 offering, this issues new units and dilutes existing holders.
24 June 2014capital raising announcement● NeutralMajor
The June offering was priced and closed on 24 June 2014: 6,100,000 units at $31.41 each, about $200 million gross per the press release. Seadrill Limited bought 3,194,700... correction: Seadrill Limited bought 3,183,700 units at the same price in a private placement. The proceeds are for general company purposes, so this completes the offering announced on 18 June.
What it means for a shareholder
6.1m new shares at $31.41 to raise about $200m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
18 June 2014capital raising announcement● NeutralMajor
Seadrill Partners announced a public offering of 6,100,000 common units, with Seadrill Limited agreeing to buy at least $100.0 million of units privately alongside. Unlike the earlier offerings, the proceeds are for general company purposes (which may include acquisitions, repaying debt and working capital) rather than a named rig purchase. The fleet is now described as four semi-submersibles, two drillships (West Capella and West Auriga) and three tender rigs, which shows the West Auriga deal has completed.
17 Mar 2014capital raising announcement● NeutralMajor
The March offering closed at $30.60 per unit: 10,400,000 units plus 1,560,000 from the underwriters' option, 11,960,000 in total. Seadrill Limited bought a further 1,633,987 units at the same price. The West Auriga acquisition is expected to close within about 30 days.
11 Mar 2014capital raising announcement● NeutralMajor
Seadrill Partners announced a public offering of 10,400,000 common units, with Seadrill Limited agreeing to buy at least $50.0 million of units alongside. The money is to fund its share of the net price for the West Auriga acquisition. This continues the pattern of paying for Seadrill rig purchases with new units, which dilutes existing holders.
9 Dec 2013capital raising announcement● NeutralMajor
The December unit offering closed at $29.50 per unit, with the underwriters taking their extra 1,680,000 units, for 12,880,000 units sold in total. Seadrill Limited separately bought 3,394,916 units at the same price. The West Leo and West Sirius acquisitions from Seadrill, through the 30%-owned Seadrill Operating LP and 51%-owned Seadrill Capricorn Holdings LLC, are expected to close within about 30 days. This completes the funding step announced on 2 December.
2 Dec 2013capital raising announcement● NeutralMajor
Seadrill Partners announced a public offering of 12,900,000 common units, with Seadrill Limited also agreeing to buy $50.0 million of units at the offering price. The money is meant to fund its share of the cash price for the West Leo and West Sirius rigs, which are being bought from Seadrill. Existing unitholders are diluted by the new units.
