Transocean Ltd. Announces Pricing of $325 Million of Secured Notes Due 2028
27 Septembre 2023 - 12:06AM
Transocean Ltd. (NYSE: RIG) announced today
that Transocean Aquila Limited (“Transocean Aquila”), a
wholly owned indirect subsidiary of Transocean Ltd., has
priced an offering of U.S. $325 million in aggregate
principal amount of senior secured notes due 2028 (the “Notes”) to
eligible purchasers pursuant to Rule 144A/Regulation S.
The Notes will be guaranteed by Transocean
Ltd., Transocean Inc. and a wholly owned indirect
subsidiary that initially will own the Deepwater Aquila and
will be secured by a lien on the Deepwater Aquila and certain
other assets related to the rig.
The Notes will bear interest at the rate of
8.000% per annum and will be callable after September 30,
2025. The offering is expected to close on or about October
11, 2023, subject to customary closing conditions. If certain
collateral and other security are not pledged on or prior to the
issuance of the Notes (including the mortgaging of the Deepwater
Aquila by Transocean following delivery of the rig), an amount
equal to the gross proceeds from this offering will be placed into
escrow pursuant to an escrow agreement until the escrow release
conditions are satisfied. Transocean Aquila expects to receive
aggregate net proceeds of approximately $319 million from
the offering, after deducting estimated offering costs.
Transocean Aquila expects to use the net
proceeds from the Notes to partially finance the construction,
acquisition and improvement or alteration of the Deepwater Aquila
(including repaying any indebtedness incurred for that purpose) and
to fund the initial debt service reserve.
The Notes have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the
“Securities Act”), or any state securities laws and may not be
offered or sold in the United States except pursuant to
an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. The Notes may not be publicly offered,
directly or indirectly, in Switzerland within the meaning of the
Swiss Financial Services Act (the “FinSA”) and no application has
or will be made to admit the Notes to trading on any trading venue
(exchange or multilateral trading facility) in Switzerland. This
press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the Notes in the United
States, shall not constitute an offer, solicitation or sale of any
securities in any jurisdiction where such offering or sale would be
unlawful and does not constitute a prospectus pursuant to the
FinSA. There shall not be any sale of the Notes in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such
jurisdiction.
About Transocean
Transocean is a leading international provider
of offshore contract drilling services for oil and gas wells.
Transocean specializes in technically demanding sectors of the
global offshore drilling business with a particular focus on
deepwater and harsh environment drilling services and operates the
highest specification floating offshore drilling fleet in the
world.
Transocean owns or has partial ownership
interests in and operates a fleet of 37 mobile offshore drilling
units, consisting of 28 ultra-deepwater floaters and nine harsh
environment floaters. In addition, Transocean is constructing
one ultra-deepwater drillship.
Forward-Looking Statements
The statements described herein that are not
historical facts are forward-looking statements within the meaning
of Section 27A of the Securities Act, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements could
contain words such as “possible,” “intend,” “will,” “if,” “expect,”
or other similar expressions. Forward-looking statements are based
on management’s current expectations and assumptions, and are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. As a result, actual
results could differ materially from those indicated in these
forward-looking statements. Factors that may cause actual results
to vary include, but are not limited to, risks relating to the
closing of Transocean Aquila’s offering of the Notes, conditions in
financial markets, investor response to Transocean Aquila’s
offering of the Notes and the guarantees of the Notes, expected
timing of conditional acceptance and commencement of Deepwater
Aquila, the entry into an escrow agreement and any related escrow
release conditions, and other risk factors as detailed from time to
time in Transocean Ltd.’s reports filed with the U.S. Securities
and Exchange Commission. Should one or more of these risks or
uncertainties materialize (or the other consequences of such a
development worsen), or should underlying assumptions prove
incorrect, actual results may vary materially from those indicated
or expressed or implied by such forward-looking statements. All
subsequent written and oral forward-looking statements attributable
to the company or to persons acting on our behalf are expressly
qualified in their entirety by reference to these risks and
uncertainties. You should not place undue reliance on
forward-looking statements. Each forward-looking statement speaks
only as of the date of the particular statement, and we undertake
no obligation to publicly update or revise any forward-looking
statements to reflect events or circumstances that occur, or which
we become aware of, after the date hereof, except as otherwise may
be required by law.
Analyst Contact:Alison
Johnson+1 713-232-7214
Media Contact:Pam Easton+1
713-232-7647
Transocean (NYSE:RIG)
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