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Transocean gives results of tender offer for 11½ senior notes due 2027
By Mary-Katherine Stinson
Lexington, Ky., April 18 – Transocean Inc. gave results of its separate any and all tender offers for its outstanding 11½% senior guaranteed notes due 2027 (Cusips: 893830BQ1, G90073AG5) and 7¼% senior notes due 2025 (Cusips: 893830BK4, G90073AD2), according to a news release.
As of the expiration date of 5 p.m. ET on April 17, which was also the withdrawal deadline, a combined total of $844,367,000 principal amount of notes was tendered.
Specifically, $594,948,000 of the $687,343,000 outstanding super priority 2027 notes were tendered for purchase at a total consideration of $1,044.94 per $1,000 principal amount, which was calculated using the 1¾% U.S. Treasury due July 31, 2024 and a fixed spread of 0 basis points. Pricing was determined at 10 a.m. ET on April 17.
Additionally, $249,419,000 of the $354,244,000 outstanding 2025 priority guaranteed notes were tendered for purchase at par of $1,000.
The principal amounts tendered exclude $1,221,000 in aggregate principal amount of notes which were tendered via guaranteed delivery procedures.
The company intends to repurchase all the tendered notes.
Accrued interest will also be paid.
The tender offers were conditioned on Transocean’s concurrent issuance of new notes equaling at least $1.5 billion.
Settlement will occur on April 18.
Notes delivered by guaranteed delivery procedures must be received by April 22, with settlement of those notes expected by the next business day.
The company plans to redeem any 7¼% notes that remain outstanding following the tender offers at par on April 23.
Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) is acting as the dealer manager for the offers.
D.F. King & Co., Inc. (212 269-5550, 800 659-5550, transocean@dfking.com, www.dfking.com/transocean) is the information agent.
Transocean is a Switzerland-based offshore drilling contractor.
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