Transocean prices $600 million secured notes due 2024

Transocean prices $600 million of secured notes due 2024

7:08 AM, 13th October 2016
Transocean prices $600 million of secured notes due 2024

ZUG, SWITZERLAND: Transocean Phoenix 2 Limited, a wholly-owned indirect subsidiary of Transocean Ltd (RIG) has priced an offering of $600 million senior secured notes due 2024.

The notes will be guaranteed by Transocean Ltd, Transocean Inc and a wholly-owned indirect subsidiary that owns the Deepwater Thalassa. The notes will be secured by a lien on the Deepwater Thalassa and certain other assets related to the rig.

The notes will bear interest at the rate of 7.75 percent per annum. The offering is expected to close on or about 19 October. The issuer expects to receive aggregate net proceeds of approx $583 million from the offering, after deducting the initial purchaser's discount and estimated offering costs.

The net proceeds from the notes will be used primarily for the purpose of partially financing the construction of the Deepwater Thalassa.

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