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Transocean prices tender offer for 11½ senior notes due 2027
By Wendy Van Sickle
Columbus, Ohio, April 17 – Transocean Inc. priced its tender offer for any and all its outstanding 11½% senior guaranteed notes due 2027 (Cusips: 893830BQ1, G90073AG5), according to a news release.
The total consideration per $1,000 principal amount of the outstanding $687,343,000 2027 super priority 2027 notes will be $1,044.94, which was calculated using the 1¾% U.S. Treasury due July 31, 2024 and a fixed spread of 0 basis points. Pricing was determined at 10 a.m. ET on April 17.
The tender offer was announced on April 11, along with a separate tender offer for any and all of the company’s 7¼% senior notes due 2025 (Cusips: 893830BK4, G90073AD2), as previously reported.
The $354,244,000 outstanding 2025 priority guaranteed notes will be repurchased at par of $1,000.
Accrued interest will also be paid.
The tender offers are conditioned on Transocean’s concurrent issuance of new notes equaling at least $1.5 billion.
The tender offers will expire at 5 p.m. ET on April 17, which is also the withdrawal deadline.
Settlement is expected for April 18.
Notes delivered by guaranteed delivery procedures must be received by April 22, with settlement of those notes expected by the next business day.
The company plans to redeem any 7¼% notes that remain outstanding following the tender offers at par on April 23.
Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) is acting as the dealer manager for the offers.
D.F. King & Co., Inc. (212 269-5550, 800 659-5550, transocean@dfking.com, www.dfking.com/transocean) is the information agent.
Transocean is a Switzerland-based offshore drilling contractor.
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