Baker Botts advised Transocean on the deal
On July 10, 2018, Transocean Ltd. (NYSE: RIG) announced that Transocean Pontus Limited (“Transocean Pontus”), a wholly owned indirect subsidiary of Transocean, had priced an offering of senior secured notes. Transocean Pontus will issue U.S. $600 million in aggregate principal amount of senior secured notes due 2025 (the “Notes”) to eligible purchasers pursuant to Rule 144A/Regulation S.
The Notes will be guaranteed by Transocean Ltd., Transocean Inc. and a wholly owned indirect subsidiary that owns the Deepwater Pontus, and will be secured by a lien on the Deepwater Pontus and certain other assets related to the rig.
The Notes will bear interest at the rate of 6.125% per annum and will be callable after August 1, 2021. The offering is expected to close on or about July 20, 2018, subject to customary closing conditions. Transocean Pontus expects to receive aggregate net proceeds of approximately $586 million from the offering, after deducting the initial purchasers’ discount and estimated offering costs.
The net proceeds from the Notes will be used to partially finance the construction or acquisition of the Deepwater Pontus.
Baker Botts advised Transocean with a team including Gene Oshman (Partner, Houston), A.J. Ericksen (Partner, Houston), Laura Katherine Mann (Senior Associate, Houston), Ieuan List (Associate, Houston) and Emmie Proctor (Capital Markets), Luke Weedon (Partner, Dallas), Rachael Lichman (Partner, Houston), Jon Finelli (Special Counsel, New York), Clint Culpepper (Senior Associate, Austin), David Nimmons (Associate, Houston) and Jennifer Ybarra (Banking & Finance), Derek Green (Partner, Houston), Jon Lobb (Partner, Houston), Peter Farrell (Tax), Aileen Hooks (Partner, Austin), Laura Williams (Environmental).
Involved fees earner: Gene Oshman – Baker Botts; A.J. Ericksen – Baker Botts; Laura Katherine Mann – Baker Botts; Ieuan List – Baker Botts; Emmie Proctor – Baker Botts; Luke Weedon – Baker Botts; Rachael Lichman – Baker Botts; Jon Finelli – Baker Botts; Clint Culpepper – Baker Botts; David Nimmons – Baker Botts; Jennifer Ybarra – Baker Botts; Derek Green – Baker Botts; Jon Lobb – Baker Botts; Peter Farrell – Baker Botts; Aileen Hooks – Baker Botts; Laura Williams – Baker Botts;
Law Firms: Baker Botts;
Clients: Transocean Ltd.;