Transocean to pay cash for put of 1.5% convertible debentures

By Jennifer Chiou

New York, April 17 - Transocean Inc. said it intends to pay cash to holders of its 1.5% convertible debentures due May 15, 2021 who exercise the put option on the securities.

The company will buy back any debentures that are put before 5 p.m. ET on May 15 at par plus accrued interest up to the redemption date. If all holders of the debentures exercise the put option, Transocean said the cash purchase price will be $400 million.

The debentures are convertible into 13.8627 Transocean shares per $1,000 principal amount of debentures.

The Bank of New York is the paying agent.

Based in Houston, Transocean is an offshore drilling contractor.

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