EXHIBIT 4.4
PRIDE INTERNATIONAL, INC.
and
JPMORGAN CHASE BANK
Trustee.
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FORM OF SEVENTH SUPPLEMENTAL INDENTURE
Dated [ ], 2003
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THIS SEVENTH SUPPLEMENTAL INDENTURE, dated [ ], 2003, between
Pride International, Inc., a Delaware corporation (successor by merger to Pride
International, Inc., a Louisiana corporation formerly known as Pride Petroleum
Services, Inc.) (the "Company"), and JPMorgan Chase Bank (formerly known as The
Chase Manhattan Bank), a New York banking corporation, as Trustee (the
"Trustee") under the Indenture (as defined below).
W I T N E S S E T H:
WHEREAS, the Company has duly authorized the issuance from time to time
of its unsecured debentures, notes or other evidences of indebtedness (the
"Securities"), which are to be issued in one or more series, and the Company has
heretofore made, executed and delivered to the Trustee its Indenture dated as of
May 1, 1997 (the "Original Indenture") pursuant to which the Securities are
issuable;
WHEREAS, pursuant to the Sixth Supplemental Indenture dated as of April
28, 2003 (the "Sixth Supplemental Indenture"), the Company has issued its fifth
series of Securities designated as its 3 1/4% Convertible Senior Notes Due 2033
(the "Notes"; the Original Indenture, as supplemented by this Seventh
Supplemental Indenture and as otherwise supplemented with applicability with
respect to the Notes, the "Indenture");
WHEREAS, Section 901 of the Original Indenture provides that, under
certain conditions, the Company and Trustee, may, without the consent of any
Holders, from time to time and at any time, enter into an indenture or
indentures supplemental thereto, for the purposes, inter alia, of curing any
ambiguity or correcting or supplementing any provision in the Indenture that may
be defective or inconsistent with any other provision in the Indenture, and the
Company desires, by means of this Seventh Supplemental Indenture, to correct
Annex 1 to the Sixth Supplemental Indenture; and
WHEREAS, all things necessary to make this Seventh Supplemental
Indenture a valid agreement of the Company, in accordance with its terms, have
been done.
NOW, THEREFORE, THIS SEVENTH SUPPLEMENTAL INDENTURE WITNESSETH that,
for and in consideration of the premises and the purchase of the Notes by the
Holders, the Company and the Trustee mutually covenant and agree, solely for the
equal and proportionate benefit of the respective Holders from time to time of
Notes, as follows:
ARTICLE 1
SUPPLEMENT
The Sixth Supplemental Indenture is supplemented by, effective as of
the effective date of the Sixth Supplemental Indenture, revising Annex 1 to the
Sixth Supplemental Indenture to read as follows:
1
ANNEX 1
PROJECTED PAYMENT SCHEDULE
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Payment
Upon Discount
Conversion Factor
Trigger Immediately using Present
Number of Met? Non- Prior Total Value of
Semi-Annual Stock Bond (Yes=1, Contingent Contingent to Total Comparable Total
Date Periods Price Price No=0) Payment Payment Maturity Payments Yield Payments
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4/28/2003 14.28 1,000.00 1,000.00 1.00 1,000.00
11/1/2003 1.02 14.89 1,000.00 (16.52) (16.52) 0.96 (15.86)
5/1/2004 1.00 15.52 1,000.00 (16.25) (16.25) 0.92 (14.98)
11/1/2004 1.00 16.17 1,000.00 (16.25) (16.25) 0.89 (14.38)
5/1/2005 1.00 16.85 1,000.00 (16.25) (16.25) 0.85 (13.81)
11/1/2005 1.00 17.56 1,000.00 (16.25) (16.25) 0.82 (13.27)
5/1/2006 1.00 18.30 1,000.00 (16.25) (16.25) 0.78 (12.74)
11/1/2006 1.00 19.08 1,000.00 (16.25) (16.25) 0.75 (12.24)
5/1/2007 1.00 19.88 1,000.00 (16.25) (16.25) 0.72 (11.75)
11/1/2007 1.00 20.72 1,000.00 (16.25) (16.25) 0.69 (11.29)
5/1/2008 1.00 21.59 1,000.00 0 (16.25) (16.25) 0.67 (10.84)
11/1/2008 1.00 22.50 1,000.00 0 - (16.25) (16.25) 0.64 (10.41)
5/1/2009 1.00 23.45 1,000.00 0 - (16.25) (16.25) 0.62 (10.00)
11/1/2009 1.00 24.43 1,000.00 0 - (16.25) (16.25) 0.59 (9.60)
5/1/2010 1.00 25.46 1,000.00 0 - (16.25) (16.25) 0.57 (9.22)
11/1/2010 1.00 26.54 1,032.38 0 - (16.25) (16.25) 0.54 (8.86)
5/1/2011 1.00 27.65 1,075.87 0 - (16.25) (16.25) 0.52 (8.51)
11/1/2011 1.00 28.82 1,121.20 0 - (16.25) (16.25) 0.50 (8.17)
5/1/2012 1.00 30.03 1,168.43 0 - (16.25) (16.25) 0.48 (7.84)
11/1/2012 1.00 31.30 1,217.65 1 - (16.25) (16.25) 0.46 (7.53)
5/1/2013 1.00 32.62 1,268.95 1 (3.04) (16.25) (19.29) 0.45 (8.59)
11/1/2013 1.00 33.99 1,322.41 1 (3.17) (16.25) (19.42) 0.43 (8.31)
5/1/2014 1.00 35.42 1,378.12 1 (3.31) (16.25) (19.56) 0.41 (8.03)
11/1/2014 1.00 36.92 1,436.17 1 (3.45) (16.25) (19.70) 0.39 (7.77)
5/1/2015 1.00 38.47 1,496.68 1 (3.59) (16.25) (19.84) 0.38 (7.52)
11/1/2015 1.00 40.09 1,559.73 1 (3.74) (16.25) (19.99) 0.36 (7.27)
5/1/2016 1.00 41.78 1,625.44 1 (3.90) (16.25) (20.15) 0.35 (7.04)
11/1/2016 1.00 43.54 1,693.91 1 (4.06) (16.25) (20.31) 0.34 (6.82)
5/1/2017 1.00 45.37 1,765.27 1 (4.23) (16.25) (20.48) 0.32 (6.60)
11/1/2017 1.00 47.29 1,839.64 1 (4.41) (16.25) (20.66) 0.31 (6.39)
5/1/2018 1.00 49.28 1,917.14 1 (4.60) (16.25) (20.85) 0.30 (6.20)
11/1/2018 1.00 51.35 1,997.90 1 (4.79) (16.25) (21.04) 0.29 (6.01)
5/1/2019 1.00 53.52 2,082.07 1 (4.99) (16.25) (21.24) 0.27 (5.82)
11/1/2019 1.00 55.77 2,169.78 1 (5.21) (16.25) (21.46) 0.26 (5.65)
5/1/2020 1.00 58.12 2,261.19 1 (5.42) (16.25) (21.67) 0.25 (5.48)
11/1/2020 1.00 60.57 2,356.45 1 (5.65) (16.25) (21.90) 0.24 (5.32)
5/1/2021 1.00 63.12 2,455.72 1 (5.89) (16.25) (22.14) 0.23 (5.16)
11/1/2021 1.00 65.78 2,559.17 1 (6.14) (16.25) (22.39) 0.22 (5.01)
5/1/2022 1.00 68.55 2,666.98 1 (6.40) (16.25) (22.65) 0.22 (4.87)
11/1/2022 1.00 71.44 2,779.34 1 (6.67) (16.25) (22.92) 0.21 (4.73)
5/1/2023 1.00 74.45 2,896.42 1 (6.95) (16.25) (23.20) 0.20 (4.60)
11/1/2023 1.00 77.59 3,018.44 1 (7.24) (16.25) (23.49) 0.19 (4.48)
5/1/2024 1.00 80.85 3,145.60 1 (7.55) (16.25) (23.80) 0.18 (4.35)
11/1/2024 1.00 84.26 3,278.12 1 (7.86) (16.25) (24.11) 0.18 (4.24)
5/1/2025 1.00 87.81 3,416.22 1 (8.20) (16.25) (24.45) 0.17 (4.13)
11/1/2025 1.00 91.51 3,560.13 1 (8.54) (16.25) (24.79) 0.16 (4.02)
5/1/2026 1.00 95.36 3,710.11 1 (8.90) (16.25) (25.15) 0.16 (3.91)
11/1/2026 1.00 99.38 3,866.41 1 (9.28) (16.25) (25.53) 0.15 (3.82)
5/1/2027 1.00 103.57 4,029.30 1 (9.67) (16.25) (25.92) 0.14 (3.72)
11/1/2027 1.00 107.93 4,199.04 1 (10.07) (16.25) (26.32) 0.14 (3.63)
5/1/2028 1.00 112.48 4,375.93 1 (10.50) (16.25) (26.75) 0.13 (3.54)
11/1/2028 1.00 117.22 4,560.28 1 (10.94) (16.25) (27.19) 0.13 (3.46)
5/1/2029 1.00 122.16 4,752.40 1 (11.40) (16.25) (27.65) 0.12 (3.38)
11/1/2029 1.00 127.30 4,952.60 1 (11.88) (16.25) (28.13) 0.12 (3.30)
5/1/2030 1.00 132.66 5,161.24 1 (12.38) (16.25) (28.63) 0.11 (3.23)
11/1/2030 1.00 138.25 5,378.67 1 (12.90) (16.25) (29.15) 0.11 (3.15)
5/1/2031 1.00 144.08 5,605.26 1 (13.45) (16.25) (29.70) 0.10 (3.09)
11/1/2031 1.00 150.15 5,841.40 1 (14.01) (16.25) (30.26) 0.10 (3.02)
5/1/2032 1.00 156.47 6,087.48 1 (14.60) (16.25) (30.85) 0.10 (2.96)
11/1/2032 1.00 163.06 6,343.94 1 (15.22) (16.25) (31.47) 0.09 (2.90)
5/1/2033 1.00 169.93 6,611.19 1 (15.86) (16.25) (6,611.19) (6,643.30) 0.09 (587.21)
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TOTAL PV 0.00
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2
ARTICLE 2
CONCERNING THE TRUSTEE
Section 2.01. Acceptance of Trusts. The Trustee accepts the trusts hereunder and
agrees to perform the same, but only upon the terms and conditions set forth in
the Original Indenture (as otherwise supplemented with applicability with
respect to the Notes) and in this Seventh Supplemental Indenture, to all of
which the Company and the respective Holders of the Notes at any time hereafter
Outstanding agree by their acceptance thereof.
Section 2.02. No Responsibility of Trustee for Recitals, Etc. The recitals and
statements contained in this Seventh Supplemental Indenture shall be taken as
the recitals and statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same. The Trustee makes no
representations as to the validity or sufficiency of this Seventh Supplemental
Indenture, except that the Trustee is duly authorized by all necessary corporate
actions to execute and deliver this Seventh Supplemental Indenture. The
execution by the Trustee of this Seventh Supplemental Indenture shall not be
construed to be an approval or disapproval by the Trustee of the advisability of
the action being taken herein by the Company. All the provisions of the
Indenture with respect to the rights, privileges, immunities, powers and duties
of the Trustee shall be applicable in respect hereof as fully and with like
effect as if set forth herein in full with such omissions, variations or
insertions, if any, as may be appropriate to make the same conform to this
Seventh Supplemental Indenture.
ARTICLE 3
MISCELLANEOUS PROVISIONS
Section 3.01. Relation to the Original Indenture. This Seventh Supplemental
Indenture and all the terms and provisions herein contained shall form a part of
the Original Indenture as fully and with the same effect as if all such terms
and provisions had been set forth in the Original Indenture; provided, however,
such terms and provisions shall be so included in this Seventh Supplemental
Indenture solely for the benefit of the Company, the Subsidiary Guarantors, the
Trustee and the Holders of the Notes. The Original Indenture is hereby ratified
and confirmed and shall remain and continue in full force and effect in
accordance with the terms and provisions thereof, as supplemented by this
Seventh Supplemental Indenture and as otherwise supplemented with applicability
with respect to the Notes, and the Original Indenture (as otherwise supplemented
with applicability with respect to the Notes) and this Seventh Supplemental
Indenture shall be read, taken and construed together as one instrument.
Section 3.02. Meaning of Terms. Any term used in this Seventh Supplemental
Indenture which is defined in the Original Indenture shall have the meaning
specified in the Original Indenture (as otherwise supplemented with
applicability with respect to the Notes), unless the context shall otherwise
require.
3
Section 3.03. Counterparts of Supplemental Indenture. This Seventh Supplemental
Indenture may be executed in several counterparts, each of which shall be deemed
an original, but all of which together shall constitute one instruments.
Section 3.04. Governing Law. This Seventh Supplemental Indenture shall be
governed by and construed in accordance with the laws of the State of New York.
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IN WITNESS WHEREOF, Pride International, Inc. has caused this Seventh
Supplemental Indenture to be executed in its corporate name by a duly authorized
officer and JPMorgan Chase Bank has caused this Seventh Supplemental Indenture
to be executed by a duly authorized officer, all on the date first above
written.
PRIDE INTERNATIONAL, INC.
By:
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Name:
Title:
JPMORGAN CHASE BANK,
as Trustee
By:
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Name:
Title:
