Transocean Announces Pricing of U.S. $600 Million of Secured Notes Due 2025
July 10 2018 - 7:12PM
Transocean Ltd. (NYSE:RIG) announced today that Transocean Pontus
Limited (“Transocean Pontus”), a wholly owned indirect subsidiary
of Transocean, has priced an offering of senior secured notes.
Transocean Pontus will issue U.S. $600 million in aggregate
principal amount of senior secured notes due 2025 (the “Notes”) to
eligible purchasers pursuant to Rule 144A/Regulation S.
The Notes will be guaranteed by Transocean Ltd., Transocean Inc.
and a wholly owned indirect subsidiary that owns the Deepwater
Pontus, and will be secured by a lien on the Deepwater Pontus and
certain other assets related to the rig.
The Notes will bear interest at the rate of 6.125% per annum and
will be callable after August 1, 2021. The offering is expected to
close on or about July 20, 2018, subject to customary closing
conditions. Transocean Pontus expects to receive aggregate net
proceeds of approximately $586 million from the offering, after
deducting the initial purchasers’ discount and estimated offering
costs.
The net proceeds from the Notes will be used to partially
finance the construction or acquisition of the Deepwater
Pontus.
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 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 43 mobile offshore drilling units consisting of
24 ultra-deepwater floaters, 12 harsh environment floaters, two
deepwater floaters and five midwater floaters. In addition,
Transocean is constructing two ultra-deepwater drillships; and one
harsh environment semisubmersible that the company has a one-third
interest. The company also operates one high-specification jackup
that was under a drilling contract when the rig was sold, and the
company will continue to operate the jackup until completion or
novation of the drilling contract.
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 the
Issuers’ 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 the Issuers’ offering of the
Notes, conditions in financial markets, investor response to the
Issuers’ 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
Diane Vento +1 713-232-8015
Media
Contact:
Pam Easton +1 713-232-7647
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