Transocean ltd. announces proposed private offering of $1.175 billion of senior secured notes due 2030

Steinhausen, switzerland, jan. 17, 2023 (globe newswire) -- transocean ltd. (nyse: rig) announced today that transocean inc., its wholly-owned subsidiary has commenced an offering of u.s. $1.175 billion aggregate principal amount of senior secured notes due 2030 (the “notes”) to eligible purchasers pursuant to rule 144a/regulation s. the notes will be fully and unconditionally guaranteed on a senior unsecured basis by transocean ltd. in addition, the notes will be guaranteed on a senior secured basis by certain of transocean inc.'s subsidiaries that guarantee the existing (i) 7.75% senior secured notes due 2024 issued by transocean phoenix 2 limited (the “thalassa notes”), (ii) 5.875% senior secured notes due 2024 issued by transocean guardian limited (the “guardian notes”), (iii) 6.25% senior secured notes due 2024 issued by transocean proteus limited (the “proteus notes”) and (iv) 6.125% senior secured notes due 2025 issued by transocean pontus limited (the “pontus notes” and collectively, the “existing secured notes”), in each case, up to a secured guarantee cap equal to the principal amount of such notes being refinanced (together with any applicable premium, fees and expenses) (the “secured limited guarantee cap”). accordingly, transocean inc.'s subsidiaries that guarantee the thalassa notes, the guardian notes, the proteus notes and the pontus notes, will be subject to a secured limited guarantee cap on the notes equal to $247 million, $320 million, $256 million and $352 million, respectively.
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