Transocean to redeem 6% notes, 7 3/8% notes with new deal proceeds

New York, Oct. 4 – Transocean Ltd. plans to redeem its 6% senior notes due March 2018 and its 7 3/8% senior notes due April 2018 using proceeds from a $750 million offering of new senior notes by subsidiary Transocean Inc.

Proceeds will also be used to repay the company’s 2˝% senior notes due Oct. 15, 2017 at their maturity and to repay in full the company’s loans from Eksportfinans that are due in January 2018, according to a news release.

Remaining funds will be directed to general corporate purposes.

Transocean is a Houston-based offshore contract driller with a registered office in Zug, Switzerland.

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