Transocean launches $1.5 billion offering of notes due 2017, 2022

By Andrea Heisinger

New York, Sept. 10 - Transocean Inc. has launched a $1.5 billion offering of senior notes (Baa3/BBB/) in two tranches, to be priced later Monday, a source said.

The deal includes $750 million of five-year notes launched at 190 basis points over Treasuries and $750 million of 10-year notes at 220 bps over Treasuries.

Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the active bookrunners. Passive bookrunners are Bank of America Merrill Lynch and DNB NOR Markets Inc.

Proceeds will be used to fund costs associated with the construction of four newbuild drillships.

The notes are guaranteed by Transocean Ltd., an offshore oil and drilling contractor based in Zug, Switzerland.

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