Transocean launches $500M Senior Priority Notes due 2032 offering to refinance 2027 debt

Transocean Ltd.

Offering $500M aggregate principal of Senior Priority Guaranteed Notes due 2032 via Rule 144A/Reg S.
Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Transocean Ltd and certain subsidiaries.
Net proceeds used to refinance remaining 8.00% Senior Notes due Feb 2027 and 6.875% Senior Secured Notes due 2027.
Also funds tender offer up to $50M combined for 7.35% Senior Notes due 2041 (step-up to 9.35%) and 7.00% Notes due 2028.
Timing and pricing subject to market conditions; pending proceeds may be temporarily invested in short-term instruments.

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