Transocean (NYSE:RIG) announced on Tuesday that Transocean International, a Bermuda exempted company limited by shares and a wholly owned subsidiary of Transocean, commenced a private offering of $500 million aggregate principal amount of Senior Priority Guaranteed Notes due 2032.
Transocean intends to use the net proceeds from the notes offering, together with the release of certain restricted cash amounts relating to the 6.875% Senior secured notes due 2027 to refinance, repay or redeem the remaining principal amount of outstanding 8.00% senior notes due February 2027 after the completion of the redemption of $415 million aggregate principal amount of such 2027 Notes pursuant to the company’s notice of redemption submitted on September 26, 2025.
Additionally, the company intends to use proceeds for the principal amount of outstanding 6.875% Senior Secured Notes due 2027, and fund its offer to purchase for cash up to a combined aggregate purchase price of $50 million of outstanding 7.35% senior notes due December 2041, which have a step-up coupon currently at 9.35%, and 7.00% notes due June 2028.
Pending application of the net proceeds from the notes offering, Transocean may temporarily invest net proceeds that are not immediately needed for such purposes in short-term investments, including marketable securities.
