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Transocean amends, extends cash tender offers for senior notes

Transocean Ltd. subsidiary Transocean Inc. said Jan. 17 it has extended the tender offer for its 2020 to 2023 senior notes following the higher interest offer.

The Switzerland-based driller extended the expiration of the tender offers from Jan. 31 to Feb. 5.

The firm changed its offer for: 6.50% senior notes due 2020 from $1,017.50 to $1,037.50 at an aggregate principal amount of $285.7 million; 6.375% senior notes due 2021 from $1,035.00 to $1,052.50 at an aggregate principal amount of $328.4 million; 3.8% senior notes due 2022 from $930.00 to $977.50 at an aggregate principal amount of $410.7 million; and 9.00% senior notes due 2023 from $1,025.00 to $1,050.00 at an aggregate principal amount of $1.25 billion and a tender cap of $200 million. The interest for 2021 notes rose to 8.375%, while the interest for 2022 notes was boost by 5.8%

The company extended the tender period for shareholders that delivered valid consents and did not validly withdraw, which allows them to receive the early tender premium of $30 from Jan. 16 to Jan. 22.

It similarly extended the withdrawal period for shareholders that tendered notes from Jan. 16 to Jan. 22.

The final settlement date is slated for Feb. 7.