RIG - Transocean Ltd. Announces the Pricing Terms of Pending Tender Offer | Benzinga
STEINHAUSEN, Switzerland, April 17, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE:RIG) announced today the pricing terms of the previously announced cash tender offer by Transocean Inc., its wholly owned subsidiary (the "Company" and, together with Transocean Ltd., "Transocean"), for any and all of the Company's outstanding 11.50% Senior Guaranteed Notes due 2027 (the "2027 Notes") from holders thereof (each, a "Holder" and collectively, the "Holders"). The cash tender offers previously announced for the 2027 Notes and the 7.25% Senior Notes due 2025 (collectively, the "Notes") were made pursuant to an Offer to Purchase, dated April 11, 2024 (the "Offer to Purchase"). The offers to purchase for cash the Notes (the "Offers") will expire at 5:00 p.m., New York City time, today, April 17, 2024, unless extended (such date and time, as may be extended, the "Expiration Date"), or unless earlier terminated.
Subject to the terms and conditions of the Offer for the 2027 Notes, including the completion of an offering of debt securities on terms satisfactory to the Company (including, but not limited to, the amount of proceeds raised in such offering), the consideration per $1,000 principal amount of 2027 Notes validly tendered at or prior to the Expiration Date and accepted for purchase pursuant to such Offer will be the total consideration set forth in the table below (the "Total Consideration") on the Settlement Date or the Guaranteed Delivery Settlement Date (each defined herein) (which may be extended by the Company). The Total Consideration for the 2027 Notes was calculated in the manner described in the Offer to Purchase by reference to the fixed spread specified in the table below.
| Title of Security |
| CUSIP Number(1) |
| Principal Amount Outstanding |
| U.S. Treasury Reference Security |
| Bloomberg Reference Page |
| Fixed Spread |
| Total Consideration(2) |