Transocean Ltd. Announces Senior Notes Offering (RIG)

Transocean Ltd. RIG today announced the proposed public offering of senior notes of its wholly-owned subsidiary, Transocean Inc. Transocean Ltd. expects to fully and unconditionally guarantee the senior notes. Transocean Inc. intends to use the net proceeds from this offering to fund the expected repurchase of its 1.625% Series A Convertible Senior Notes due December 2037 that holders of the Series A Convertible Senior Notes may require it to repurchase in December 2010 and to fund the intended repurchase of a portion of its 1.50% Series B Convertible Senior Notes due 2037 and its 1.50% Series C Convertible Senior Notes due December 2037 through repurchases in the open market, in privately negotiated transactions or in tender offers. Transocean Inc. plans to use the remainder, if any, of such net proceeds for general corporate purposes in its operations, including but not limited to capital expenditures, acquisitions or repayment or refinancing of debt. Pending application of the net proceeds from the sale of the senior notes, Transocean Inc. intends to invest such proceeds in short-term investments.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsOfferingsEnergyOil & Gas Drilling
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!