Transocean Ltd. Announces Repurchase Offer for 1.625% Series A Convertible Senior Notes Due 2037 of Transocean Inc.
(Thomson Reuters ONE) -
Transocean Ltd. /
Transocean Ltd. Announces Repurchase Offer for 1.625% Series A Convertible
Senior Notes Due 2037 of Transocean Inc.
Processed and transmitted by Thomson Reuters.
The issuer is solely responsible for the content of this announcement.
ZUG, SWITZERLAND Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that
holders of the 1.625% Series A Convertible Senior Notes due 2037 of Transocean
Inc., its wholly-owned subsidiary, have the option to require Transocean Inc. to
repurchase on December 15, 2010 all or any part of such holder's notes.
The repurchase price will be $1,000 in cash plus any accrued and unpaid interest
to, but excluding, the repurchase date, per $1,000 principal amount. The
interest will be paid on the regular interest payment date to the holder of
record as of the record date. If all outstanding notes are surrendered for
repurchase, the aggregate repurchase price will be approximately $1.3 billion,
excluding any required payment of interest on the regular interest payment date.
Transocean Inc. intends to fund the repurchase price by using available cash.
Holders may exercise their option to require Transocean Inc. to repurchase their
notes by delivering a repurchase notice to Wells Fargo Bank, National
Association, the paying agent, before the expiration of the offer at 5:00 p.m.,
EST, on December 15, 2010.
The notes are convertible in certain circumstances into cash and a number of
shares of Transocean Ltd. determined as specified in the notes and the related
indenture. However, the notes are not currently convertible because those
circumstances have not been satisfied.
Transocean plans to file a Tender Offer Statement on Schedule TO with the
Securities and Exchange Commission (the "SEC") later today. Transocean Inc. will
make available to noteholders, through the Depository Trust Company, documents
specifying the terms, conditions and procedures for surrendering and withdrawing
notes for repurchase. Noteholders are encouraged to read these documents
carefully before deciding to exercise their option to require Transocean Inc. to
repurchase their notes as these documents contain important information
regarding the details of Transocean Inc.'s obligation to repurchase the notes.
Holders of the notes and other interested parties may obtain a free copy of
these statements and other relevant documents at the SEC's website, www.sec.gov,
or from Transocean Inc., c/o Transocean Offshore Deepwater Drilling Inc., at 4
Greenway Plaza, Houston, Texas 77046, Attn: Investor Relations.
FORWARD-LOOKING STATEMENTS
Statements contained in this press release involving the timing of the filing of
the Tender Offer Statement, as well as any other statements that are not
historical facts, are forward-looking statements that involve certain risks,
uncertainties and assumptions. These include but are not limited to the actions
of noteholders and other factors detailed in Transocean Ltd.'s most recent Form
10-K and Form 10-Q and other filings with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those indicated.
Transocean Ltd. is the world's largest offshore drilling contractor and the
leading provider of drilling management services worldwide. With a fleet of 139
mobile offshore drilling units and three ultra-deepwater drillships and one
high-specification jackup under construction, Transocean's fleet is considered
one of the most modern and versatile in the world due to its emphasis on
technically demanding segments of the offshore drilling business. Transocean
owns or operates a contract drilling fleet of 45 High-Specification Floaters
(Ultra-Deepwater, Deepwater and Harsh Environment semisubmersibles and
drillships), 26 Midwater Floaters, 10 High-Specification Jackups, 55 Standard
Jackups and other assets utilized in the support of offshore drilling activities
worldwide.
For more information about Transocean, please visit our website at
www.deepwater.com.
Analyst Contact:
Gregory S. Panagos
+1 713-232-7551
Media Contact:
Guy A. Cantwell
+1 713-232-7647
[HUG#1463162]
--- End of Message ---
Transocean Ltd.
Chemin de Blandonnet 10 Vernier Switzerland
ISIN: CH0048265513;
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Transocean Ltd. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 16.11.2010 - 23:00 Uhr
Sprache: Deutsch
News-ID 48836
Anzahl Zeichen: 5369
contact information:
Town:
Vernier
Kategorie:
Business News
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