TransoceanLtd. subsidiary Transocean Inc. priced its downsized of $1.25 billion of itssenior notes to fund tender offers to purchase up to $1.0 billion of its seniornotes.

The company previously announced a $1.5 billion offering.The senior unsecured notes due 2023 will bear an interest rate of 9.00% perannum and will be callable by July 15, 2020, according to a July 8 news release.Net proceeds are expected to total about $1.21 billion.

Transocean Inc. will issue notes guaranteed by TransoceanLtd. and Transocean Inc. subsidiaries to eligible buyers.

The tender offers to buy $1.0 billion of senior notes areconditioned upon a debt issuance that would raise proceeds to purchase thevalidly tendered notes. If the tender offers are not consummated, or if theproceeds remain after the tender offers have been consummated, Transocean Inc.would use the proceeds to repay debts and for general corporate purposes.