Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Transocean Ltd. > News item |
Caledonia plans new first-lien credit facility to fund rig purchases
By Lisa Kerner
Charlotte, N.C., Oct. 16 – Caledonia Offshore Drilling Co. plans to obtain a new first-lien credit facility as part of the financing for the acquisition of North Sea drilling rigs.
Caledonia will also make an unregistered offering of second-lien senior secured bonds to raise $350 million.
Transocean Ltd., or one of its affiliates, intends to purchase all of the second lien senior secured bonds that will be issued by Caledonia, a Transocean subsidiary.
In addition, Transocean Ltd. and Transocean Inc. intend to proceed with an unregistered offering of shares of Caledonia to raise between $125 million and $185 million, the filing stated. The shares will be sold to eligible investors in Norway, the United States and internationally.
Both transactions are expected to close in the fourth quarter of 2014.
Transocean said they are part of its strategy to maximize the value of non-core rigs.
Transocean is an offshore oil and drilling contractor based in Zug, Switzerland.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.