Transocean Ltd. Announces Final Results of Cash Tender Offers
August 02 2016 - 3:33PM
Zug, Switzerland - August 2, 2016 - Transocean
Ltd. (NYSE: RIG) today announces the final results of the cash
tender offers (the "Tender Offers") by Transocean Inc., its
wholly-owned subsidiary (collectively with Transocean Ltd.,
"Transocean"), to purchase up to U.S. $1.0 billion aggregate
principal amount of the following series of notes issued by
Transocean Inc.:
- 6.500% Senior Notes due 2020 (the "2020
Notes");
- 6.375% Senior Notes due 2021 (the "2021 Notes");
and
- 3.800% Senior Notes due 2022 (the "2022 Notes"
and, together with the 2020 Notes and the 2021 Notes, the
"Notes").
The Tender Offers expired at 11:59 p.m., New York
City time, on August 1, 2016 (the "Expiration Date"). No tenders
submitted after the Expiration Date will be valid.
As of the Expiration Date, $348,400,000 in aggregate principal
amount of the 2020 Notes, $475,849,000 in aggregate principal
amount of the 2021 Notes and $156,923,000 in aggregate principal
amount of the 2022 Notes had been validly tendered (and not validly
withdrawn) in the Tender Offers, including $343,964,000 in
aggregate principal amount of the 2020 Notes, $464,203,000 in
aggregate principal amount of the 2021 Notes and $134,761,000 in
aggregate principal amount of the 2021 Notes that were validly
tendered (and not validly withdrawn) as of 5:00 p.m., New York City
Time, on July 18, 2016 (the "Early Tender Date") and previously
settled.
Transocean Inc. has accepted for purchase in full all Notes validly
tendered (and not validly withdrawn) in the Tender Offers. Subject
to the terms and conditions of the Tender Offers, the consideration
for each U.S. $1,000 principal amount of Notes validly tendered
(and not validly withdrawn) after the Early Tender Date and on or
prior to the Expiration Date will be the tender offer consideration
for such series of Notes set forth in Transocean's Offer to
Purchase, dated July 5, 2016 (the "Offer Document"). The Tender
Offers were made pursuant to the terms and conditions described in
the Offer Document.
Goldman, Sachs & Co. and Morgan Stanley & Co. LLC were
retained as the dealer managers for the Tender Offers. D.F. King
& Co., Inc. was retained to serve as both the depositary and
the information agent for the Tender Offers. Questions regarding
the Tender Offers should be directed to Goldman, Sachs & Co. at
(toll-free) (800) 828-3182 or (collect) (212) 902-6941, Morgan
Stanley & Co. LLC at (toll-free) (800) 624-1808 or (collect)
(212) 761-1057. Requests for copies of the Offer to Purchase and
other related materials should be directed to D.F. King & Co.,
Inc. at (email) transocean@dfking.com, (toll-free) (800) 622-1649
or (collect) (212) 269-5550.
The Tender Offers were not made to holders of Notes in any
jurisdiction in which the making or acceptance thereof would not be
in compliance with the securities, blue sky or other laws of such
jurisdiction. In any jurisdiction in which the Tender Offers were
required to be made by a licensed broker or dealer, the Tender
Offers were deemed to be made on behalf of Transocean by the dealer
managers, or one or more registered brokers or dealers that are
licensed under the laws of such jurisdiction.
About Transocean
Transocean is a leading international provider of offshore contract
drilling services for oil and gas wells. The company
specializes in technically demanding sectors of the global offshore
drilling business with a particular focus on deepwater and harsh
environment drilling services, and believes that it operates one of
the most versatile offshore drilling fleets in the world.
Transocean owns or has partial ownership interests in, and operates
a fleet of, 60 mobile offshore drilling units consisting of 29
ultra-deepwater floaters, seven harsh environment floaters, four
deepwater floaters, 10 midwater floaters and 10 high-specification
jackups. In addition, the company has five ultra-deepwater
drillships and five high-specification jackups under construction
or under contract to be constructed.
Forward-Looking Statements
This press release contains certain forward-looking information and
forward-looking statements as defined in applicable securities laws
(collectively referred to as "forward-looking statements").
Forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, performance or achievements of Transocean Ltd. to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Factors that may cause actual results to vary include,
but are not limited to, conditions in financial markets and other
risk factors as detailed from time to time in Transocean Ltd.'s
reports filed with the U.S. Securities and Exchange
Commission.
Readers are cautioned against unduly relying on forward-looking
statements. Forward-looking statements are made as of the date of
the relevant document and, except as required by law, Transocean
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements, whether as a result of new information
or future events or otherwise.
Analyst Contacts:
Bradley Alexander
+1 713-232-7515
Diane Vento
+1 713-232-8015
Media Contact:
Pam Easton
+1 713-232-7647
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Transocean Ltd via Globenewswire
HUG#2032733
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