Transocean Ltd. (RIG): debt financing — Transocean closes $1.175B 8.75% senior secured notes offering, redeems existing notes

Transocean Ltd.

Issued $1.175B aggregate principal of 8.75% senior secured notes due 2030.
Proceeds used to redeem all outstanding existing secured notes: Thalassa (7.75%), Guardian (5.875%), Proteus (6.25%), Pontus (6.125%).
Redemptions expected to close on February 16, 2023; deposits made with trustee.
Notes guaranteed on senior unsecured basis by Transocean Ltd. and on senior secured basis by limited guarantors up to a cap.
Limited guarantors' caps: $247M (Thalassa), $320M (Guardian), $256M (Proteus), $352M (Pontus).

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Transocean Ltd. incurred senior notes of U.S. $1.175 billion with Truist Bank at 8.75% maturing due 2030.

Instrument: senior notes
Principal: U.S. $1.175 billion
Counterparty: Truist Bank
Rate: 8.75%
Maturity: due 2030
Event: incurrence

Exact text from the filing

On January 31, 2023, in connection with the closing of the previously-announced offering by Transocean Inc. (the “Issuer”), a wholly-owned subsidiary of Transocean Ltd., of U.S. $1.175 billion in aggregate principal amount of 8.75% senior secured notes due 2030 (the “Notes”), the Issuer entered into an indenture (the “Indenture”) with (x) Transocean Ltd., (y) certain of the Issuer’s subsidiaries (the “Limited Guarantors” and together with Transocean Ltd., the “Guarantors”) 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”) and (z) Truist Bank, as trustee and

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Transocean Ltd. entered into Indenture with Truist Bank valued at $1.175 billion (effective 2023-01-31).

Action: entry
Agreement: notes offering
Counterparty: Truist Bank
Value: $1.175 billion
Effective: 2023-01-31

Exact text from the filing

On January 31, 2023, in connection with the closing of the previously-announced offering by Transocean Inc. (the “Issuer”), a wholly-owned subsidiary of Transocean Ltd., of U.S. $1.175 billion in aggregate principal amount of 8.75% senior secured notes due 2030 (the “Notes”), the Issuer entered into an indenture (the “Indenture”) with (x) Transocean Ltd., (y) certain of the Issuer’s subsidiaries (the “Limited Guarantors” and together with Transocean Ltd., the “Guarantors”) 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”) and (z) Truist Bank, as trustee and

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7 debt financings filed in the last 30 days. Browse all debt financings →

Transocean Ltd. filing history →

Source: SEC EDGAR

accession 0001451505-23-000010

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