Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (1 Viewer)

waltermasoni

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Transocean Ltd. Subsidiary Transocean Poseidon Ltd's $550 Million Senior Secured Notes Rated 'B+'
  • 23-Jan-2019 13:49 EST
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NEW YORK (S&P Global Ratings) Jan. 23, 2019--S&P Global Ratings today assigned
its 'B+' issue-level rating and '1' recovery rating to the proposed $550
million senior secured notes due 2027 that will be issued by offshore drilling
contractor Transocean Ltd.'s Cayman Islands-based subsidiary Transocean
Poseidon Ltd. The '1' recovery rating indicates our expectation for very high
(90%-100%; rounded estimate: 95%) recovery to creditors in the event of a
payment default. The notes are secured by the seventh generation
ultra-deepwater drillship Deepwater Poseidon, which is under long-term
contract with a wholly owned subsidiary of Royal Dutch Shell PLC through
February 2028 at an above-market day rate of $477,000. The notes are fully and
unconditionally guaranteed by parent companies Transocean Inc. and Transocean
Ltd. and their collateral rig-owning subsidiaries.

We expect the company to use the proceeds from these notes to refinance the
debt it incurred for the construction of the Deepwater Poseidon, which was
delivered in 2018.

At the same time, we affirmed our 'B+' issue-level rating on Transocean's
existing secured debt (including its secured credit facility), our 'B'
issue-level rating on its unsecured debt with subsidiary guarantees, and our
'B-' issue-level rating on its unsecured debt without guarantees. All of our
other ratings remain unchanged

Minchia prevedono un recovery 95% in caso default.
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