Transocean expects to redeem four series of secured notes on Feb. 16

By Marisa Wong

Los Angeles, Jan. 31 – Transocean Inc. subsidiaries that are the issuers of four existing series of secured notes exercised their option to redeem the notes in full. The redemptions are expected to take place on Feb. 16, according to an 8-K filing with the Securities and Exchange Commission.

The redemptions were conditioned on an issuance of new notes, which was completed on Tuesday. Transocean sold $1,175,000,000 if 8¾% senior secured notes due 2030.

The following series of existing notes are being called:

• 7¾% senior secured notes due 2024 issued by Transocean Phoenix 2 Ltd.;

• 5 7/8% senior secured notes due 2024 issued by Transocean Guardian Ltd.;

• 6¼% senior secured notes due 2024 issued by Transocean Proteus Ltd.; and

• 6 1/8% senior secured notes due 2025 issued by Transocean Pontus Ltd.

Proceeds from the new notes will be used to fund the redemption.

Transocean is a Switzerland-based offshore drilling contractor.

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