Transocean calls 1.625% series A convertible senior notes due 2037

By Melissa Kory

Cleveland, Jan. 3 - Transocean Ltd. announced that its subsidiary Transocean Inc. will redeem its 1.625% series A convertible senior notes due 2037.

The notes will be redeemed on Jan. 31 at par, plus accrued interest to but excluding the redemption date.

The notes may be converted any time before the close of business on Jan. 28. The notes are convertible into shares of Transocean Ltd. at a rate of 5.931 shares per $1,000 principal amount of notes.

Transocean's stock closed at $69.51 on Dec. 31.

Transocean Inc. will deliver cash up to the principal amount of the notes surrendered for conversion and shares of Transocean Ltd. for the remainder of its conversion obligation.

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

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