Transocean Ltd.
Transocean Ltd. Amends Credit Facility and Issues New Senior Notes
Summary
On April 18, 2024, Transocean Ltd. amended its revolving credit facility, extending the maturity date of $510 million of commitments from June 2025 to June 2028 and reducing the total commitments from $600 million to $575 million. The amendment also reduced the minimum liquidity covenant from $500 million to $200 million. In connection with the amendment, the company issued U.S. $900 million in aggregate principal amount of 8.25% Senior Notes due 2029 and 8.50% Senior Notes due 2031, fully guaranteed by certain subsidiaries. The notes were offered only to qualified institutional buyers under Rule 144A and outside the United States under Regulation S.
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About Transocean Ltd.
Transocean Ltd. is a leading offshore drilling contractor known for providing services in the exploration and production of oil and natural gas. Its primary function is to offer extensive deepwater and ultra-deepwater drilling capabilities to major oil companies worldwide. Operating one of the most advanced fleets in the industry, Transocean owns and manages a range of drilling rigs, with capabilities to work in harsh environmental conditions and at extreme water depths, showcasing its technological prowess. The company significantly impacts the energy sector, supporting the search for hydrocarbon resources in offshore locations globally. Headquartered in Switzerland, Transocean is a pivotal player in satisfying the global demand for fossil fuels, influencing energy supply chains and economic activities linked to oil markets. Its advanced technological solutions cater to an industry where safety, efficiency, and environmental considerations are paramount, thereby securing its position as a crucial partner for global energy companies.
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