Transocean Files 8K - Regulation FD
July 08 2016 - 9:00AM
Dow Jones News
Transocean Ltd. (RIG) filed a Form 8K - Regulation FD Disclosure
- with the U.S Securities and Exchange Commission on July 08,
2016.
On July 8, 2016, Transocean Ltd. announced that Transocean Inc.,
its wholly-owned subsidiary, has priced its previously-announced
offering of senior unsecured notes. Transocean Inc. will issue U.S.
$1.25 billion in aggregate principal amount of senior unsecured
notes due 2023 pursuant to Rule 144A/Regulation S under the
Securities Act of 1933, as amended, to eligible purchasers. The
notes will be guaranteed by Transocean Ltd. and certain of
Transocean Inc.'s subsidiaries.
The notes will bear interest at the rate of 9.00% per annum and
will be callable on or after July 15, 2020. The offering is
expected to close on or about July 21, 2016, subject to customary
closing conditions. Transocean Inc. expects to receive aggregate
net proceeds of approximately U.S. $1.21 billion from the offering,
after deducting the initial purchasers' discounts and estimated
offering costs.
Transocean intends to use a portion of the net proceeds from the
offering to fund its previously-announced tender offers to purchase
for cash up to U.S. $1.0 billion aggregate principal amount of its
6.500% Senior Notes due 2020, 6.375% Senior Notes due 2021 and
3.800% Senior Notes due 2022, subject to the terms and conditions
specified in the related offer to purchase, and a portion of the
net proceeds from the offering are intended to be used to refinance
existing indebtedness and for general corporate purposes. Should
the tender offers not be consummated, or if net proceeds allocated
to fund the tender offers remain following consummation of the
tender offers, Transocean Inc. intends to use such net proceeds to
refinance existing indebtedness and for general corporate
purposes.
A copy of the press release announcing the pricing of the
offering is furnished herewith as Exhibit 99.1 and is incorporated
herein by reference.
The information in this Current Report on Form 8-K, including
Exhibit 99.1, is being "furnished" pursuant to Item 7.01 and shall
not be deemed to be "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject
to the liabilities of that section, and is not incorporated by
reference into any Transocean Ltd. filing, whether made before or
after the date hereof, regardless of any general incorporation
language in such filing.
The full text of this SEC filing can be retrieved at:
http://www.sec.gov/Archives/edgar/data/1451505/000155837016006592/rig-20160707x8k.htm
Any exhibits and associated documents for this SEC filing can be
retrieved at:
http://www.sec.gov/Archives/edgar/data/1451505/000155837016006592/0001558370-16-006592-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.
(END) Dow Jones Newswires
July 08, 2016 08:45 ET (12:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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