Transocean Ltd. (RIG): debt financing — Transocean closes $1.8B senior notes offering at 8.25%-8.5%; amends credit facility to extend $510M to 2028

Transocean Ltd.

Closed $1.8B offering: $900M 8.25% notes due 2029 and $900M 8.50% notes due 2031.
Sixth amendment to revolver extended $510M commitments to June 2028; total commitments cut from $600M to $575M.
Minimum liquidity covenant reduced from $500M to $200M under amended facility.
Credit facility amendment includes collateral swap: add Deepwater Conqueror rig, release Development Driller III and Discoverer Inspiration.
Must extend/refinance at least $1.25B of debt due 2025-2027; condition satisfied, debt now due 2029+.

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. $900 million in aggregate principal amount of 8.50% Senior Notes due 2031 with Truist Bank, as trustee at 8.500% per annum maturing May 15, 2031.

Instrument: senior notes
Principal: U.S. $900 million in aggregate principal amount of 8.50% Senior Notes due 2031
Counterparty: Truist Bank, as trustee
Rate: 8.500% per annum
Maturity: May 15, 2031
Event: incurrence

Exact text from the filing

ith the 2029 Notes, the “Notes”), the Company entered into an indenture (the “Indenture”) with Transocean Ltd., Transocean Holdings 1 Limited, Transocean Holdings 2 Limited and Transocean Holdings 3 Limited, as guarantors (collectively, the “Guarantors”), and Truist Bank, as trustee (the “Trustee”). The Notes are fully and unconditionally guaranteed, jointly and severally, by the Guarantors on a senior unsecured basis (the “Guarantees”).

View on SEC.gov

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

Transocean Ltd. amended revolving credit of $575 million with Citibank, N.A., as administrative agent and collateral agent, certain lenders maturing June 2028.

Instrument: revolving credit
Principal: $575 million
Counterparty: Citibank, N.A., as administrative agent and collateral agent, certain lenders
Maturity: June 2028
Event: amendment

Exact text from the filing

extend the scheduled maturity date of $510 million of revolving commitments thereunder from June 2025 to June 2028, (ii) reduce the total amount of revolving commitments thereunder from $600 million to $575 million

View on SEC.gov

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

Transocean Ltd. incurred senior notes of U.S. $900 million in aggregate principal amount of 8.25% Senior Notes due 2029 with Truist Bank, as trustee at 8.250% per annum maturing May 15, 2029.

Instrument: senior notes
Principal: U.S. $900 million in aggregate principal amount of 8.25% Senior Notes due 2029
Counterparty: Truist Bank, as trustee
Rate: 8.250% per annum
Maturity: May 15, 2029
Event: incurrence

Exact text from the filing

ith the 2029 Notes, the “Notes”), the Company entered into an indenture (the “Indenture”) with Transocean Ltd., Transocean Holdings 1 Limited, Transocean Holdings 2 Limited and Transocean Holdings 3 Limited, as guarantors (collectively, the “Guarantors”), and Truist Bank, as trustee (the “Trustee”). The Notes are fully and unconditionally guaranteed, jointly and severally, by the Guarantors on a senior unsecured basis (the “Guarantees”).

View on SEC.gov

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

Transocean Ltd. entered into Indenture (the "Indenture") with Truist Bank, as trustee valued at U.S. $900 million in aggregate principal amount of 8.25% Senior Notes due 2029 and U.S. $900 million (effective 2024-04-18).

Action: entry
Agreement: notes offering
Counterparty: Truist Bank, as trustee
Value: U.S. $900 million in aggregate principal amount of 8.25% Senior Notes due 2029 and U.S. $900 million
Effective: 2024-04-18

Exact text from the filing

On April 18, 2024, in connection with the closing of the previously announced offering by the Company (the “Offering”) of (i) U.S. $900 million in aggregate principal amount of 8.25% Senior Notes due 2029 (the “2029 Notes”) and (ii) U.S. $900 million in aggregate principal amount of 8.50% Senior Notes due 2031 (the “2031 Notes” and collectively with the 2029 Notes, the “Notes”), the Company entered into an indenture (the “Indenture”) with Transocean Ltd., Transocean Holdings 1 Limited, Transocean Holdings 2 Limited and Transocean Holdings 3 Limited, as guarantors (collectively, the “Guarantors”), and Truist Bank, as trustee (the “Trustee”)

View on SEC.gov

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

Transocean Ltd. entered into sixth amendment (the "RCF Amendment") with Citibank, N.A., as administrative agent and collateral agent, certain lenders valued at $600 million to $575 million (effective 2024-04-18).

Action: entry
Agreement: credit facility
Counterparty: Citibank, N.A., as administrative agent and collateral agent, certain lenders
Value: $600 million to $575 million
Effective: 2024-04-18

Exact text from the filing

On April 18, 2024, Transocean Inc. (the “Company”), a wholly owned subsidiary of Transocean Ltd., Citibank, N.A., as administrative agent and collateral agent, certain lenders and, for the limited purposes set forth therein, Transocean Ltd. and certain of the Company’s subsidiaries entered into the sixth amendment (the “RCF Amendment”) to the Company’s credit agreement dated June 22, 2018

View on SEC.gov

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

Transocean Ltd. filing history →

Source: SEC EDGAR

accession 0001451505-24-000047

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.