Transocean to price $750 million guaranteed notes on Wednesday; initial talk low 8% area

By Paul A. Harris

Portland, Ore., Jan. 8 – Transocean Ltd., better known by its stock ticker RIG, plans to price $750 million of seven-year senior priority guaranteed unsecured notes (existing ratings Caa1/B-) in a quick-to-market Wednesday trade following a mid-morning conference call with investors, according to market sources.

Initial price talk has the deal coming in the low 8% area, a trader said.

Goldman Sachs & Co. LLC is the left bookrunner. Morgan Stanley & Co. LLC, Barclays, Citigroup Global Markets Inc., Wells Fargo Securities LLC and Credit Agricole CIB are the joint bookrunners.

DNB Markets, SEB and NIBC Bank are the co-managers.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.

The Steinhausen, Switzerland-based provider of offshore drilling services for oil and gas wells plans to use the proceeds to refinance, repurchase, and/or redeem certain existing debt in one or more transactions, and/or for general corporate purposes.

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