Transocean Ltd. Announces Closing of U.S. $1.25 Billion Offering of Notes Due 2023
22 July 2016 - 8:32PM
ZUG, SWITZERLAND - July 22, 2016 - Transocean Ltd.
(NYSE: RIG) announced today that Transocean Inc., its wholly-owned
subsidiary (collectively with Transocean Ltd., "Transocean"), has
closed its previously announced offering of U.S. $1.25 billion in
aggregate principal amount of senior unsecured notes due 2023
pursuant to Rule 144A/Regulation S to eligible purchasers. The
notes are guaranteed by Transocean Ltd. and certain of Transocean
Inc.'s subsidiaries.
Transocean has applied U.S. $854,932,378.21 of the net proceeds
from the notes offering to fund its previously announced tender
offers to purchase for cash up to U.S. $1.0 billion aggregate
principal amount of its 6.500% Senior Notes due 2020, 6.375% Senior
Notes due 2021 and 3.800% Senior Notes due 2022 (collectively, the
"Existing Notes"), and the remaining portion of the net proceeds
from the offering are intended to be used to refinance existing
indebtedness and for general corporate purposes.
The securities offered have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), or any state securities laws and may not be offered or sold
in the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws. The securities
offered may not be publicly offered, sold or advertised, directly
or indirectly, in Switzerland. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy
any of these securities in the United States, shall not constitute
an offer, solicitation or sale of any securities in any
jurisdiction where such offering or sale would be unlawful and does
not constitute an offering prospectus within the meaning of article
652a or article 1156 of the Swiss Code of Obligations. This press
release shall not constitute an offer to purchase the Existing
Notes. The tender offers are being made only pursuant to the offer
to purchase. This press release contains information about pending
transactions, and there can be no assurance that these transactions
will be completed. Any public offering of Transocean's securities
in the United States will be made only by means of a prospectus
that will contain detailed information about Transocean and its
management, as well as financial statements. There shall not be any
sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such
jurisdiction.
About Transocean
Transocean is a leading international provider of offshore contract
drilling services for oil and gas wells. The company specializes in
technically demanding sectors of the global offshore drilling
business with a particular focus on deepwater and harsh environment
drilling services, and believes that it operates one of the most
versatile offshore drilling fleets in the world.
Transocean owns or has partial ownership interests in, and operates
a fleet of, 60 mobile offshore drilling units consisting of 29
ultra-deepwater floaters, seven harsh-environment floaters, four
deepwater floaters, 10 midwater floaters, and 10 high-specification
jackups. In addition, the company has five ultra-deepwater
drillships and five high-specification jackups under construction
or under contract to be constructed.
For more information about Transocean, please visit:
www.deepwater.com.
Forward-Looking Statements
This press release contains certain
forward-looking information and forward-looking statements as
defined in applicable securities laws (collectively referred to as
"forward-looking statements"). Forward-looking statements include:
statements regarding the use of proceeds of the notes offering and
the terms and timing for completion of the tender offers, including
the expected expiration date and settlement dates
thereof.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, performance or achievements of Transocean Ltd. to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Factors that may cause actual results to vary include,
but are not limited to, conditions in financial markets and other
risk factors as detailed from time to time in Transocean Ltd.'s
reports filed with the U.S. Securities and Exchange
Commission.
Readers are cautioned against unduly relying on forward-looking
statements. Forward-looking statements are made as of the date of
the relevant document and, except as required by law, Transocean
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements, whether as a result of new information
or future events or otherwise.
Analyst Contacts:
Bradley Alexander
+1 713-232-7515
Diane Vento
+1 713-232-8015
Media Contact:
Pam Easton
+1 713-232-7647
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Transocean Ltd via Globenewswire
HUG#2030182
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