Transocean announces proposed private offering of $1.175B

Transocean announced that Transocean Inc., its wholly-owned subsidiary has commenced an offering of U.S. $1.175 billion aggregate principal amount of senior secured notes due 2030 to eligible purchasers pursuant to Rule 144A/Regulation S. The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Transocean Ltd. In addition, the Notes will be guaranteed on a senior secured basis by certain of Transocean Inc.’s subsidiaries that guarantee the existing 7.75% Senior Secured Notes due 2024 issued by Transocean Phoenix 2 Limited, 5.875% Senior Secured Notes due 2024 issued by Transocean Guardian Limited 6.25% Senior Secured Notes due 2024 issued by Transocean Proteus Limited and 6.125% Senior Secured Notes due 2025 issued by Transocean Pontus Limited, in each case, up to a secured guarantee cap equal to the principal amount of such notes being refinanced. Accordingly, Transocean Inc.’s subsidiaries that guarantee the Thalassa Notes, the Guardian Notes, the Proteus Notes and the Pontus Notes, will be subject to a Secured Limited Guarantee Cap on the Notes equal to $247 million, $320 million, $256 million and $352 million, respectively. The Notes will also be secured by a lien on Deepwater Thalassa, Deepwater Proteus, Transocean Enabler, Transocean Encourage and Deepwater Pontus and certain other assets related to the Collateral Rigs, up to the applicable Secured Limited Guarantee Cap.