Transocean Ltd. Announces Final Results of Exchange Offers
The Exchange Offers expired at
|Title of Existing Notes||Total Consideration(2)||Aggregate Principal Amount Tendered|
|6.375% Senior Notes due 2021(1)|
|3.800% Senior Notes due 2022(1)|
|7.25% Senior Notes due 2025|
|7.50% Senior Notes due 2026|
|8.00% Senior Notes due 2027|
|8.00% Debentures due 2027|
|7.45% Notes due 2027|
|7.00% Notes due 2028|
|7.50% Notes due 2031|
|6.80% Senior Notes due 2038|
|7.35% Senior Notes due 2041(1)|
- The interest rate for the 2021 Notes, 2022 Notes and 2041 Notes has been increased to 8.375%, 5.800% and 9.35%, respectively, pursuant to the terms of the applicable indenture.
- Consideration in the form of principal amount of New 2027 Senior Guaranteed Notes per
$1,000principal amount of Existing Notes that are validly tendered and accepted for exchange, subject to rounding. Excludes accrued and unpaid interest, which will be paid in cash in addition to the applicable total consideration on the Settlement Date.
Based on the applicable total consideration and the amounts tendered as of the Expiration Time, approximately
The Exchange Offers were made, and the New 2027 Senior Guaranteed Notes were offered, only to holders of the Existing Notes who are either (a) persons other than “U.S. persons” as defined in Regulation S, and who agree to purchase the New 2027 Senior Guaranteed Notes outside of
Full details of the terms and conditions of the Exchange Offers are described in the Exchange Offer Memorandum, the Exchange Offers were made pursuant to, and the information in this press release is qualified in its entirety by reference to, the Exchange Offer Memorandum, which was sent by
The Exchange Offers were not made to Eligible Holders of Existing Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the Exchange Offers are required to be made by a licensed broker or dealer, the Exchange Offers are deemed to be made on behalf of
The New 2027 Senior Guaranteed Notes have not been and will not be registered under the Securities Act, or any state securities laws and may not be offered or sold in
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. The company’s mobile offshore drilling fleet is considered one of the most versatile fleets in the world.
Transocean owns or has partial ownership interests in and operates a fleet of 39 mobile offshore drilling units, including 27 ultra-deepwater floaters and 12 harsh environment floaters. In addition, Transocean is constructing two ultra-deepwater drillships.
This press release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as “forward-looking statements”). Forward-looking statements include statements regarding the terms and timing for completion of the Exchange Offers and the satisfaction or waiver of certain conditions of the Exchange Offers.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Transocean to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that may cause actual results to vary include, but are not limited to, conditions in financial markets, investor response to Transocean Inc.’s Exchange Offers, and other risk factors as detailed from time to time in Transocean Ltd.’s reports filed with the
Readers are cautioned against unduly relying on forward-looking statements. Forward-looking statements speak only as of the date hereof, and, except as required by law, Transocean undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise.
Source: Transocean Ltd.