Transocean Ltd. Announces Pricing of U.S. $525 Million of Secured Notes Due 2023
May 15 2019 - 5:19PM
Transocean Ltd. (NYSE: RIG) announced today that Transocean Sentry
Limited (“Transocean Sentry”), a wholly owned indirect subsidiary
of Transocean, has priced an offering of U.S. $525 million in
aggregate principal amount of senior secured notes due 2023 (the
“Notes”) to eligible purchasers pursuant to Rule 144A/Regulation S.
The Notes will be guaranteed by Transocean Ltd., Transocean Inc.
and wholly owned indirect subsidiaries that own the harsh
environment semisubmersible drilling rigs Transocean Endurance and
Transocean Equinox, and will be secured by a lien on each of the
rigs and certain other related assets.
The Notes will bear interest at the rate of 5.375% per annum and
will be callable after May 15, 2021. The offering is expected to
close on or about May 24, 2019, subject to customary closing
conditions. Transocean Sentry expects to receive aggregate net
proceeds of approximately $517 million from the offering, after
deducting the initial purchasers’ discount and estimated offering
costs.
The net proceeds from the Notes will be used for general
corporate purposes.
The Notes have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (the “Securities Act”), or
any state securities laws and may not be offered or sold in the
United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws. The Notes to
be offered may not be publicly offered, sold or advertised,
directly or indirectly, in Switzerland. This press release shall
not constitute an offer to sell or a solicitation of an offer to
buy any of the Notes in the United States, shall not constitute an
offer, solicitation or sale of any securities in any jurisdiction
where such offering or sale would be unlawful and does not
constitute an offering prospectus within the meaning of article
652a or article 1156 of the Swiss Code of Obligations. There shall
not be any sale of the Notes in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such
jurisdiction.
About Transocean
Transocean is a leading international provider of offshore
contract drilling services for oil and gas wells. The company
specializes in technically demanding sectors of the global offshore
drilling business with a particular focus on ultra-deepwater and
harsh environment drilling services, and believes that it operates
one of the most versatile offshore drilling fleets in the
world.
Transocean owns or has partial ownership interests in, and
operates a fleet of 48 mobile offshore drilling units
consisting of 31 ultra-deepwater floaters, 13 harsh
environment floaters and four midwater floaters. In
addition, Transocean is constructing
four ultra-deepwater drillships and one harsh environment
semisubmersible in which the company holds a 33.0% interest.
Forward-Looking Statements
This news release contains certain forward-looking information
and forward-looking statements as defined in applicable securities
laws (collectively referred to as “forward-looking statements”).
Forward-looking statements include statements regarding Transocean
Sentry’s plans to issue the Notes and use the proceeds
therefrom.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, performance or achievements of Transocean to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Factors
that may cause actual results to vary include, but are not limited
to, risks relating to the closing of Transocean Sentry’s offering
of the Notes, conditions in financial markets, investor response to
Transocean Sentry’s offering of the Notes and the guarantees of the
Notes, and other risk factors as detailed from time to time in
Transocean Ltd.’s reports filed with the U.S. Securities and
Exchange Commission.
Readers are cautioned against unduly relying on forward-looking
statements. Forward-looking statements are made as of the date of
the relevant document and, except as required by law, Transocean
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements, whether as a result of new information
or future events or otherwise.
Analyst Contacts:Bradley
Alexander+1 713-232-7515
Lexington May+1 832-587-6515
Media Contact:Pam Easton+1
713-232-7647
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