Transocean swaps ~$157M of 2025 exchangeable bonds for equity in private deal

Transocean Ltd.

TIL subsidiary agreed with holders to exchange ~$157M aggregate principal of 4% exchangeable bonds due 2025 for common shares.
Share count based on 15-day VWAP beginning June 20, 2025; at $3.09/share, ~53M shares would be issued.
Exchange subject to a limit price of $2.63; transactions pause if share price falls below that level.
Issuance exempt under Section 4(a)(2) as a transaction not involving a public offering.
Closing expected by end of the VWAP calculation period, subject to customary conditions.

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