By Paul A. Harris
Portland, Ore., May 15 – Transocean Ltd., better known by its stock ticker RIG, priced an upsized $525 million issue of 5 3/8% four-year senior secured notes (B1/B+) at 99.5 to yield 5.516%, in a Wednesday drive-by, according to market sources.
The deal was upsized from $500 million and priced on top of talk.
The offering played to $4 billion of orders, a trader said.
Wells Fargo Securities LLC was the left bookrunner. Joint bookrunners were Citigroup, Credit Agricole, DNB, Goldman Sachs and Morgan Stanley.
There are annual mandatory redemptions at par beginning with 6% of the notes in year two, 12% of the notes in year three and 12% of the notes in year four.
Proceeds will be used to fund cash on the balance sheet, as well as to fund the debt service reserve account and for general corporate purposes.
RIG is a Steinhausen, Switzerland-based provider of offshore drilling services for oil and gas wells.
| Issuer: | Transocean Sentry Ltd.
|
| Amount: | $525 million, increased from $500 million
|
| Maturity: | May 15, 2023
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | Citigroup, Credit Agricole, DNB, Goldman Sachs and Morgan Stanley
|
| Co-managers: | SEB, Barclays, Sparebank-1 and NIBC
|
| Coupon: | 5 3/8%
|
| Price: | 99.5
|
| Yield: | 5.516%
|
| Spread: | 337 bps
|
| Call protection: | Two years
|
| Trade date: | May 15
|
| Settlement date: | May 24
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5 3/8% at 99.5
|
| Marketing: | Quick to market
|
© 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.
