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Transocean sets private exchange for 0.5% bonds due 2023
By Taylor Fox
New York, Feb. 22 – Transocean Ltd. executed private exchange agreements relating to the 0.5% exchangeable bonds due 2023 issued by wholly owned subsidiary Transocean Inc., according to a news release.
Transocean agreed to exchange $252.8 million of its existing exchangeable bonds for $230.1 million of new 4% senior guaranteed exchangeable bonds due 2025 to be issued by Transocean Inc. and $8.9 million of cash.
The senior guaranteed exchangeable bonds will be guaranteed by Transocean and certain indirect holding company subsidiaries of Transocean Inc., including Transocean Holdings 1 Ltd., Transocean Holdings 2 Ltd., Transocean Holdings 3 Ltd., Transocean Asset Holdings 1 Ltd., Transocean Asset Holdings 2 Ltd. and Transocean Asset Holdings 3 Ltd., each of which also guarantee Transocean Inc.'s 2.5% senior exchangeable bonds due 2027 and 11.5% senior guaranteed notes due 2027.
The exchangeable bonds will have an initial exchange rate of 190.4762 Transocean common shares per $1,000 original principal amount and will be convertible into common shares, implying an initial exchange price of $5.25 per share.
Transocean is an offshore oil and drilling contractor based in Steinhausen, Switzerland.
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