Chicago, Jan. 8 – Transocean Inc., better known by its stock ticker RIG, priced $750 million of 8% senior notes due 2027, according to a press release and market sources.
The quick-to-market transaction had the deal coming in the low 8% area, according to a trader.
The notes will be unconditionally guaranteed by Transocean Ltd. and certain of the company’s subsidiaries.
Goldman Sachs & Co. LLC is the left bookrunner. Morgan Stanley & Co. LLC, Barclays, Citigroup Global Markets Inc., Wells Fargo Securities LLC and Credit Agricole CIB are the joint bookrunners.
The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.
The Steinhausen, Switzerland-based provider of offshore drilling services for oil and gas wells plans to use the proceeds to refinance, repurchase, and/or redeem certain existing debt in one or more transactions, and/or for general corporate purposes.
| Issuer: | Transocean Inc.
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| Guarantors: | Transocean Ltd. and certain of Transocean Inc.’s subsidiaries
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| Issue: | Guaranteed senior notes
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| Amount: | $750 million
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| Maturity: | 2027
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| Bookrunners: | Goldman Sachs & Co. LLC (left), Morgan Stanley & Co. LLC, Barclays, Citigroup Global Markets Inc., Wells Fargo Securities LLC and Credit Agricole CIB
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| Co-managers: | DNB Markets, SEB and NIBC Bank
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| Coupon: | 8%
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| Call | After three years at par plus 50% of the coupon
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| Distribution: | Rule 144A and Regulation S
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| Marketing: | Quick to market
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| Price talk: | Low 8% area
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