Transocean Subsidiary Commences Offering Of $500 Mln Of Senior Notes

(RTTNews) - Transocean Ltd. (RIG), Tuesday announced that its subsidiary Transocean International Limited, a Bermuda exempted company limited by shares, commenced a private offering of $500 million aggregate principal amount of Senior Priority Guaranteed Notes due 2032 .

The company intends to use the proceeds, along with certain restricted cash amounts, to refinance, repay or redeem the remaining principal amount of outstanding 8 percent Senior Notes due February 2027, and the principal amount of outstanding 6.875 percent Senior Secured Notes due 2027.

Also, it plans to use the proceeds to fund its offer to purchase for cash up to a combined aggregate purchase price of $50 million of outstanding 7.35 percent Senior Notes due December 2041.

Currently, RIG is trading at $3.05, down 1.9 percent on the New York Stock Exchange.