By Paul A. Harris
Portland, Ore., July 10 – Transocean Pontus Ltd. priced a $600 million issue of 6 1/8% seven-year senior secured notes (B1/BB-) at 99 to yield 6.39% in a quick-to-market Tuesday trade, according to a syndicate source.
The coupon and issue price came on top of talk.
Goldman Sachs & Co. was the left bookrunner. Citigroup Global Markets Inc., Wells Fargo Securities LLC, DNB Markets and Morgan Stanley & Co. LLC were the joint bookrunners.
Barclays, Credit Agricole CIB, SEB, SpareBank and NIBC are the co-managers.
The issuer, a wholly owned subsidiary of Steinhausen, Switzerland-based offshore driller Transocean Ltd., plans to use the proceeds to make one or more intercompany loans to subsidiary Transocean Inc. (TINC) or other non-Swiss affiliates of TINC, for the purpose of partially financing the construction or acquisition of the Deepwater Pontus, an ultra-deepwater drillship flagged in the Marshall Islands, and to fund the debt service reserve.
| Issuer: | Transocean Pontus Ltd.
|
| Amount: | $600 million
|
| Maturity: | Aug. 1, 2025
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunners: | Citigroup Global Markets Inc., Wells Fargo Securities LLC, DNB Markets and Morgan Stanley & Co. LLC
|
| Co-managers: | Barclays, Credit Agricole CIB, SEB, SpareBank and NIBC
|
| Coupon: | 6 1/8%
|
| Price: | 99
|
| Yield: | 6.39%
|
| Call protection: | Three years
|
| Trade date: | July 10
|
| Settlement date: | July 20
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6 1/8% coupon at 99
|
| Marketing: | Quick to market
|
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