Transocean to buy back three series of convertible notes due 2037

By Marisa Wong

Madison, Wis., Sept. 16 - Transocean Inc. said it plans to repurchase its 1.625% series A convertible senior notes due December 2037, its 1.5% series B convertible senior notes due 2037 and its 1.5% series C convertible senior notes due December 2037.

The company said that holders of the series A convertibles may require it to purchase the notes in December.

Transocean intends to repurchase a portion of the 1.5% series B and C convertibles through repurchases in the open market, in privately negotiated transactions or in tender offers.

The company expects to fund the repurchases with proceeds from a public offering of senior notes.

Transocean is a wholly owned subsidiary of Transocean Ltd., a Switzerland-based offshore drilling contractor and provider of drilling management services worldwide.

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