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ZUG, Switzerland, Oct. 04, 2017 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE:RIG) announced today that Transocean Inc., its wholly-owned subsidiary (collectively with Transocean Ltd., “Transocean”), has priced its previously-announced offering of senior unsecured notes. Transocean will issue U.S. $750 million in aggregate principal amount of senior unsecured notes due January 2026 pursuant to Rule 144A/Regulation S to eligible purchasers. The notes will be guaranteed by Transocean Ltd. and certain of Transocean Inc.’s subsidiaries.
The notes will bear interest at the rate of 7.50% per annum and will be callable on or after January 15, 2021. The offering is expected to close on or about October 17, 2017, subject to customary closing conditions.
Transocean intends to use the net proceeds from the offering as follows:
- to repay in full and retire its 2.5% Senior Notes due October 15, 2017 upon maturity;
- to redeem all of its outstanding 6.00% Senior Notes due March 2018 and its 7.375% Senior Notes due April 2018;
- to repay in full the amounts outstanding on its Eksportfinans Loans due January 2018; and
- for general corporate purposes.
The securities to be offered 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 securities to be offered may not be publicly offered, sold or advertised, directly or indirectly, in Switzerland. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities 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 an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations. This press release contains information about pending transactions, and there can be no assurance that these transactions will be completed. Any public offering of Transocean’s securities in the United States will be made only by means of a prospectus that will contain detailed information about Transocean and its management, as well as financial statements. There shall not be any sale of these securities 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.