Transocean gives early tender update in offer to buy five note series

By Susanna Moon

Chicago, June 27 – Transocean Ltd. said wholly owned subsidiary Transocean Inc. will accept for purchase all of the notes tendered as of the early deadline at 5 p.m. ET on June 26.

Transocean will purchase the notes subject to any tender caps, with settlement set for Tuesday, according to a company notice on Tuesday.

As announced June 13, the company is offering to purchase up to $1.5 billion principal amount of five series of its notes.

The breakdown for the early tendered notes is as follows, with the total purchase price for each $1,000 principal amount and the notes listed in order of priority acceptance levels:

• $270,791,000 of the $423,485,000 2½% senior notes due 2017 with a current coupon of 4¼% with a total purchase price of $1,009.19;

• $127,498,000 of the $210,098,000 7 3/8% senior notes due 2018 with a current coupon of 7 3/8% with a total purchase price of $1,046.50;

• $486,618,000 of the $718,788,000 6% senior notes due 2018 with a current coupon of 6%, a total purchase price of $1,031.35 and a tender cap of $400 million;

• $202,617,000 of the $501,804,000 6½% senior notes due 2020 with a current coupon of 6½%, total purchase price of $1,057.50 and tender cap of $225 million; and

• $211,559,000 of the $545,424,000 6 3/8% senior notes due 2021 with a current coupon of 8 1/8% and expected to rise to 8 3/8% on June 15, total purchase price of $1.075.00 and tender cap of $225 million.

The total purchase price includes an early tender premium of $20.00 for each $1,000 principal amount of notes tendered by the early deadline.

Holders will also receive accrued interest to but excluding the settlement date.

The tender offers will remain open until 11:59 p.m. ET on July 11.

Tendered notes may not be withdrawn after 5 p.m. ET on June 26.

Wells Fargo Securities, LLC (866 309-6316 or 704 410-4760) and Credit Agricole Securities (USA) Inc. (866 807-6030 or 212 261-7802) are the dealer managers. D.F. King & Co., Inc. (888 625-2588, 212 269-5550 or transocean@dfking.com) is the depositary and the information agent.

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

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