Transocean Ltd. Announces Pricing of U.S. $750 Million of Senior Unsecured Notes due 2027
January 08 2020 - 4:40PM
Transocean Ltd. (NYSE: RIG) announced today that Transocean Inc.,
its wholly-owned subsidiary (collectively with Transocean Ltd.,
“Transocean”), has priced its previously-announced offering of U.S.
$750 million aggregate principal amount of senior unsecured notes
due 2027 (the “Notes”) to eligible purchasers pursuant to Rule
144A/Regulation S. The Notes will be fully and unconditionally
guaranteed by Transocean Ltd. and certain of Transocean Inc.’s
subsidiaries.
The Notes will bear interest at the rate of 8.0% per annum. The
offering is expected to close on or about January 17, 2020, subject
to customary closing conditions. Transocean intends to use the net
proceeds from this offering to refinance, repurchase and/or redeem
certain of its existing indebtedness in one or more transactions,
and/or for general corporate purposes.
The Notes and the guarantees (together, the “securities”) 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 securities may not be publicly offered,
directly or indirectly, in Switzerland within the meaning of the
Swiss Financial Services Act (“FinSA”) (unless in circumstances
falling within article 36 of the FinSA). This press release
shall not constitute an offer to sell or a solicitation of an offer
to buy any of these securities 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 a prospectus within the meaning of the FinSA or
advertising within the meaning of the FinSA. There shall not be any
sale of the securities 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 45 mobile offshore drilling units consisting of
28 ultra-deepwater floaters, 14 harsh environment floaters and
three midwater floaters. In addition, Transocean is constructing
two ultra-deepwater drillships.
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
Transocean’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’s offering of the
Notes, conditions in financial markets, investor response to
Transocean’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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