Transocean Ltd. Announces Pricing U.S. $600 Million of Secured Notes Due 2024
October 07 2016 - 6:46AM
ZUG, SWITZERLAND - October 7, 2016 - Transocean
Ltd. (NYSE: RIG) announced today that Transocean Phoenix 2 Limited,
one of its wholly-owned indirect subsidiaries (the "Issuer"), has
priced an offering of senior secured notes. The Issuer will issue
U.S. $600 million in aggregate principal amount of senior secured
notes due 2024 (the "Notes") pursuant to Rule 144A/Regulation S to
eligible purchasers.
The Notes will be guaranteed by Transocean Ltd., Transocean Inc.
and a wholly-owned indirect subsidiary that owns the Deepwater Thalassa. The Notes will be secured by a lien
on the Deepwater Thalassa and certain other
assets related to the rig.
The Notes will bear interest at the rate of 7.75% per annum and
will be callable after October 15, 2020. The offering is expected
to close on or about October 19, 2016, subject to customary closing
conditions. The Issuer expects to receive aggregate net proceeds of
approximately U.S. $583 million from the offering, after deducting
the initial purchaser's discount and estimated offering
costs.
The net proceeds from the Notes will be used primarily for the
purpose of partially financing the construction of the Deepwater Thalassa.
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 securities 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 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 an
offering prospectus within the meaning of article 652a or article
1156 of the Swiss Code of Obligations. Any public offering of
Transocean's securities in the United States will be made only by
means of a prospectus that will contain detailed information about
Transocean and its management, as well as financial statements.
There shall not be any sale of these 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 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, 58 mobile offshore drilling units consisting of 29
ultra-deepwater floaters, seven harsh-environment floaters, four
deepwater floaters, eight midwater floaters and 10
high-specification jackups. In addition, the company has five
ultra-deepwater drillships and five high-specification jackups
under construction or under contract to be constructed.
For more information about Transocean, please visit:
www.deepwater.com.
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
Issuer'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 the Issuer's offering of the
Notes, conditions in financial markets, investor response to the
Issuer'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
Diane Vento
+1 713-232-8015
Media Contact:
Pam Easton
+1 713-232-7647
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Transocean Ltd via Globenewswire
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