SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: November 14, 1996
READING & BATES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-5587 73-0642271
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
901 Threadneedle, Suite 200, Houston, TX 77079
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 496-5000
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99 - Press Release dated Novmeber 13, 1996 - Reading
& Bates announces completion of new $300 million
syndicated credit facility.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned thereunto duly authorized.
READING & BATES CORPORATION
By /s/T. W. Nagle
------------------------
T. W. Nagle
Executive Vice President,
Finance and Administration
(Principal Financial and
Accounting Officer)
Dated: November 14, 1996
EXHIBIT 99
Internet Address: http://www.rdgbat.com
FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner
(713) 496-5000
Reading & Bates Corporation Announces New Credit Facility
November 13, 1996, Houston, Texas.....Reading & Bates Corporation (NYSE:
RB) announced today it has completed a new $300 million syndicated credit
facility, led by Christiania Bank og Kreditkasse, New York Branch, as
administrative agent and arranger. The new facility replaced the
Company's prior $140 million credit facility also led by Christiania Bank.
Proceeds of the facility will be available for debt repayment, working
capital and general corporate purposes.
The financing consists of a five year revolving credit and letter of
credit line totaling $300 million, with mandatory reductions in the
facility of $25 million each on a semi-annual basis commencing May 13,
1999 and the final reduction due at maturity. The terms of the facility
allow the Company to borrow the undrawn available balance, on a revolving
credit basis, with the Letter of Credit line having a $30 million sub-
limit. Approximately $155 million of funded debt remained undrawn and
available to the Company after close.
Credit Lyonnais, New York Branch, and Banque Indosuez are documentation
agents. Eight other banks also participated in the loan syndication.
Reading & Bates is a New York Stock Exchange listed company, providing
offshore drilling services throughout the world. Its wholly owned
subsidiary, Reading & Bates Development Co., provides technical,
construction, and project management services to the upstream offshore oil
and gas industry worldwide.
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