North Atlantic Drilling Prices IPO At $9.25/shr, Within Estimated Range

(RTTNews) - North Atlantic Drilling Ltd. announced that it has priced initial public offering of 13.51 million common shares at $9.25 per share. The offering is expected to close on February 3, 2014.

According to recent regulatory filings, the company expected to price its initial public offering between $8.50 and $10.00 per share.

The company's common shares are expected to commence trading on January 29, 2014 on the New York Stock Exchange under the symbol "NADL."

The company has granted the underwriters a 30-day option to purchase up to 2.03 million additional common shares.

At the request of the company, the underwriters have agreed to sell Seadrill Limited, the company's majority shareholder, up to 10% of the common shares to be offered and sold in this offering, excluding common shares that may be sold pursuant to the underwriters' option to purchase additional common shares.

The company plans to use offering net proceeds for general corporate purposes and working capital.

Concurrently with the pricing of the initial public offering, the company plans to offer to exchange all of the unregistered common shares that it previously issued in its prior equity private placements, other than the common shares owned by affiliates of the company.