Transocean accepts tenders of $1.51 billion in 11 series of notes

By Taylor Fox

New York, Sept. 10 – Transocean Ltd. said wholly owned subsidiary Transocean Inc. announced final results of its offer to exchange 11 series of existing notes for 11½% senior guaranteed notes due 2027, according to a news release.

The offers expired at 5 p.m. ET on Sept. 9 with $1,514,164,000 of existing notes validly tendered.

Transocean said it intends to accept for exchange all existing notes validly tendered prior to the expiration time and expects to settle the exchange offers on Sept. 11.

The amount of notes tendered and the payment per $1,000 principal amount are as follows, listed in order of acceptance priority:

• $37,294,000 of 6 3/8% senior notes due 2021 (Cusip: 893830BB4) for a total consideration of $825 of new 11½% senior notes due 2027;

• $136,035,000 of 3.8% senior notes due 2022 (Cusip: 893830BC2) for a total consideration of $730 of new 11½% senior notes due 2027;

• $207,101,000 of 7¼% senior notes due 2025 (Cusip: 893830BK4) for a total consideration of $475 of new 11½% senior notes due 2027;

• $180,818,000 of 7½% senior notes due 2026 (Cusip: 893830BF5) for a total consideration of $475 (previously $465) of new 11½% senior notes due 2027;

• $137.87 million of 8% senior notes due 2027 (Cusip: 893830BL2) for a total consideration of $455 of new 11½% senior notes due 2027;

• $35,455,000 of 8% debentures due 2027 (Cusip: 893817AB2) for a total consideration of $375 of new 11½% senior notes due 2027;

• $35.46 million of 7.45% notes due 2028 (Cusip: 379352AA4) for a total consideration of $405 of new 11½% senior notes due 2027;

• $38,783,000 of 7% notes due 2028 (Cusip: 379352AL1) for a total consideration of $375 of new 11½% senior notes due 2027;

• $192,226,000 of 7½% notes due 2031 (Cusip: 893830AF6) for a total consideration of $395 of new 11½% senior notes due 2027;

• $390,358,000 of 6.8% senior notes due 2038 (Cusip: 893830AT6) for a total consideration of $375 of new 11½% senior notes due 2027; and

• $122,764,000 of 7.35% senior notes due 2041 (Cusip: 893830AZ2) for a total consideration of $395 of new 11½% senior notes due 2027.

Approximately $688 million of new 2027 senior guaranteed notes will be issued.

D.F. King & Co., Inc. (212 269-5550, 800 967-5051 or transocean@dfking.com) is the exchange agent and information agent.

Transocean is an offshore oil and drilling contractor based in Zug, Switzerland.

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