Transocean Ltd. (RIG) filed a Form 8K - Other Events - with the
U.S Securities and Exchange Commission on October 16, 2014.
On October15, 2014, Transocean Ltd. (NYSE: RIG) (SIX: RIGN)
announced that Transocean Inc. (collectively with Transocean Ltd.,
"Transocean"), its wholly-owned subsidiary, intends to proceed with
an unregistered offering of shares of Caledonia Offshore Drilling
Company ("Caledonia"), a wholly owned subsidiary of Transocean,
within the United States in connection with an offering being made
to eligible investors in Norway and to eligible institutional
investors internationally. Caledonia also proposes to make an
unregistered offering of second lien senior secured bonds issued by
Caledonia. Transocean intends to purchase all of the second lien
senior secured bonds issued by Caledonia in the bond offering.
The proposed offering of shares, which represents a minority
interest in Caledonia, is intended to raise between $125 million
and $185 million, with the net proceeds received by Transocean. The
proposed offering of second lien senior secured bonds is intended
to raise $350 million, with the net proceeds received by Caledonia,
together with the proceeds expected to be received by Caledonia
under a first lien bank facility, used to finance the acquisition
by Caledonia of certain drilling rigs located in the U.K. North Sea
from subsidiaries of Transocean.
The transactions are expected to close in the fourth quarter of
2014, subject to market and other customary conditions. There can
be no assurances that any such offering will be consummated or
completed.
A copy of the press release is attached hereto as Exhibit 99.1
and is incorporated by reference herein.
The full text of this SEC filing can be retrieved at:
http://www.sec.gov/Archives/edgar/data/1451505/000145150514000143/a8-kcover135cpressrelease.htm
Any exhibits and associated documents for this SEC filing can be
retrieved at:
http://www.sec.gov/Archives/edgar/data/1451505/000145150514000143/0001451505-14-000143-index.htm
Public companies must file a Form 8-K, or current report, with
the SEC generally within four days of any event that could
materially affect a company's financial position or the value of
its shares.
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