Transocean exchanges $213.4M exchangeable bonds due 2027 for 34.6M common shares

Transocean Ltd.

Holder of $213.4M principal amount of Transocean 2.5% exchangeable bonds due 2027 agreed to exchange all bonds for 34.6M shares of common stock.
Shares will be issued at exchange rate consistent with the existing indenture; nominal cash consideration also paid.
Company also issued 34.6M treasury shares to a wholly-owned subsidiary at par value (CHF 0.10/share) to facilitate transaction.
This is part of Transocean's ongoing debt reduction efforts; the exchange eliminates $213.4M of debt from balance sheet.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.95

Transocean Ltd.: Articles of Association amended to reflect increase in issued share capital to 831,844,900 registered shares with a share capital of CHF 83,184,490.00 following the issuance of Treasury Shares (effective 2023-04-06).

Change: charter amendment
Effective: 2023-04-06

Exact text from the filing

On April 6, 2023, the Articles of Association of Transocean Ltd. (the “Company”) were amended (as amended, the “Articles of Association”) to reflect changes in the Company’s total issued share capital resulting from the issuance of 34,600,147 shares of the Company (the “Treasury Shares”) to one of the Company’s wholly-owned subsidiaries at par value for a total consideration of CHF 3,460,014.70.

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Source: SEC EDGAR

accession 0001558370-23-005693

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