News Releases

Baker Botts Represents Transocean in Senior Secured Notes Offering

News Release
Deal Description: On July 10, 2018, Transocean Ltd. (NYSE: RIG) announced that Transocean Pontus Limited (“Transocean Pontus”), a wholly owned indirect subsidiary of Transocean, had priced an offering of senior secured notes. Transocean Pontus will issue U.S. $600 million in aggregate principal amount of senior secured notes due 2025 (the “Notes”) to eligible purchasers pursuant to Rule 144A/Regulation S.

The Notes will be guaranteed by Transocean Ltd., Transocean Inc. and a wholly owned indirect subsidiary that owns the Deepwater Pontus, and will be secured by a lien on the Deepwater Pontus and certain other assets related to the rig.

The Notes will bear interest at the rate of 6.125% per annum and will be callable after August 1, 2021. The offering is expected to close on or about July 20, 2018, subject to customary closing conditions. Transocean Pontus expects to receive aggregate net proceeds of approximately $586 million from the offering, after deducting the initial purchasers’ discount and estimated offering costs.

The net proceeds from the Notes will be used to partially finance the construction or acquisition of the Deepwater Pontus.

For more information, please see Transocean’s press release.

Baker Botts Lawyers/Office Involved:

Corporate: Gene Oshman (Partner, Houston), A.J. Ericksen (Partner, Houston), Laura Katherine Mann (Senior Associate, Houston), Ieuan List (Associate, Houston) and Emmie Proctor (Associate, Houston)

Finance: Luke Weedon (Partner, Dallas), Rachael Lichman (Partner, Houston), Jon Finelli (Special Counsel, New York), Clint Culpepper (Senior Associate, Austin), David Nimmons (Associate, Houston) and Jennifer Ybarra (Associate, Dallas)

Tax: Derek Green (Partner, Houston), Jon Lobb (Partner, Houston), Peter Farrell (Associate, Washington)

Environmental: Aileen Hooks (Partner, Austin), Laura Williams (Associate, Houston)

 

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About Baker Botts L.L.P.
Baker Botts is an international law firm of approximately 725 lawyers practicing throughout a network of 14 offices around the globe. Based on our experience and knowledge of our clients’ industries, we are recognized as a leading firm in the energy and technology sectors. Throughout our 178-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit BakerBotts.com.

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