Diamond Offshore Drilling disclosed:
Diamond Offshore Drilling, Inc. has elected not to make the semiannual interest payment due in respect of its 5.70% Senior Notes due 2039 (the “Notesâ€).
Under the terms of the indenture governing the Notes, the interest payment was due on April 15, 2020, and the Company has a 30-day grace period to make the payment.
Non-payment of the interest on the due date is not an event of default under the indenture governing the Notes but would become an event of default if the payment is not made within the 30-day grace period.
During the grace period, the Company is not permitted to borrow additional amounts under the Credit Agreement.
Source: Street Insider
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