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Transocean announces cash tender offer of up to US$700M

Swiss driller Transocean Ltd. disclosed Jan. 3 its subsidiary Transocean Inc. commenced a cash tender offer for senior notes of up to US$700 million.

Transocean offers a 7% interest for senior notes due 2020 at an aggregate principal amount of US$285.7 million and offers an 8.4% interest, up from 6.4%, for senior notes due 2021 at an aggregate principal amount of US$328.4 million.

The subsidiary also hiked the interest for senior notes due 2022 from 4% to 6% at an aggregate principal amount of US$410.7 million.

Meanwhile, the company retained the interest for senior notes due 2023 at 9% for an aggregate principal amount of US$1.25 billion that has a tender cap of US$200 million. It stressed it could increase or decrease the aggregate maximum tender amount for the 2023 offer at any time.

The offer will expire on Jan. 31 and could be extended by the company. It plans to settle the transactions by Feb. 4.

Transocean Inc. also offered up to US$750 million in October for senior unsecured notes due 2025, which will be primarily used to fund its merger with Ocean Rig UDW Inc., which closed in early December 2018.