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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