Published on 11/29/2016 in the Prospect News High Yield Daily.
New Issue: Transocean Proteus sells upsized $625 million 6¼% eight-year notes at 98.5 to yield 6½%
By Paul A. Harris
Portland, Ore., Nov. 29 – Transocean Ltd. priced an upsized $625 million issue of Transocean Proteus Ltd. 6¼% eight-year senior secured notes at 98.5 to yield 6½% on Tuesday, according to a market source.
The issue size was increased from $600 million.
The yield printed 12.5 basis points beneath the tight end of yield talk in the 6¾% area.
Piper Jaffray ran the books.
The proceeds will be used primarily to partially finance the construction of the Deepwater Proteus.
Transocean is Zug, Switzerland-based deepwater drilling contractor.
| Issuer: | Transocean Proteus Ltd.
|
| Face amount: | $625 million, increased from $600 million
|
| Proceeds: | Approximately $609 million
|
| Maturity: | Dec. 1, 2024
|
| Securities: | Senior secured notes
|
| Bookrunner: | Piper Jaffray & Co.
|
| Co-managers: | Citigroup, Credit Agricole, DNB, MUFG, Barclays, Credit Suisse, Goldman Sachs, BNP Paribas, Standard Chartered, BNY
|
| Coupon: | 6¼%
|
| Price: | 98.5
|
| Yield: | 6½%
|
| First call: | Dec. 1, 2020 at 103.125
|
| Trade date: | Nov. 29
|
| Settlement date: | Dec. 8
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6¾% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
