- 2.500% Senior Notes due 2017 (the "2017 Notes")
- 7.375% Senior Notes due 2018 (the "7.375% 2018 Notes")
- 6.000% Senior Notes due 2018 (the "6.000% 2018 Notes")
- 6.500% Senior Notes due 2020 (the "2020 Notes")
- 6.375% Senior Notes due 2021 (the "2021 Notes")
|Dollars per U.S. $1,000 Principal Amount of Notes|
|Title of Notes||C urrentCoupon (2)||CUSIP Number||Aggregate PrincipalAmount Outstanding(U.S. $) (2)||Tender Cap (U.S. $)||Acceptance Priority Level||Tender OfferConsideration (4) (U.S. $)||Early TenderPremium (U.S. $)||TotalConsideration (1)(4) (U.S. $)|
|2.500% Senior Notesdue 2017||4.250||%||893830BD0||$423,485,000||N/A||1||$989.19||$20.00||$1,009.19|
|7.375% Senior Notesdue 2018||7.375||%||893830AK5||$210,098,000||N/A||2||$1,026.50||$20.00||$1,046.50|
|6.000% Senior Notesdue 2018||6.000||%||893830AS8||$718,788,000||$400,000,000||3||$1,011.35||$20.00||$1,031.35|
|6.500% Senior Notesdue 2020||6.500||%||893830AY5||$501,804,000||$225,000,000||4||$1,037.50||$20.00||$1,057.50|
|6.375% Senior Notesdue 2021||8.125||% (3)||893830BB4||$545,424,000||$225,000,000||5||$1,055.00||$20.00||$1.075.00|
|(1)||Includes the Early Tender Premium.|
|(2)||As of the date hereof.|
|(3)||The coupon on the 6.375% Senior Notes due 2021 is expected to increase to 8.375% on June 15, 2017.|
|(4)||Holders will also receive accrued and unpaid interest from the last interest payment with respect to Notes to, but not including, the applicable Settlement Date (as defined in the Offer to Purchase).|
All Notes validly tendered and accepted for purchase pursuant to the Tender Offers will receive the applicable consideration set forth in the table above, plus accrued and unpaid interest on such Notes from the last interest payment date with respect to those Notes to, but not including, the applicable Settlement Date (as such term is defined in the Offer to Purchase) ("Accrued Interest").Tendered Notes may be withdrawn from the Tender Offers at or prior to 5:00 p.m., New York City time, on June 26, 2017, unless extended by Transocean Inc. (such date and time, as it may be extended, the "Withdrawal Date"). Holders of Notes who tender their Notes after the Withdrawal Date, but prior to the Expiration Date, may not withdraw their tendered Notes. Transocean Inc. reserves the right, but is under no obligation, subject to the satisfaction or waiver of the conditions to the Tender Offers, to accept for purchase any Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date, at any point following the Early Settlement Date, subject to the Acceptance Priority Levels, the Aggregate Maximum Tender Amount and the Tender Caps. The Early Settlement Date is expected to be within three business days following the applicable Early Tender Date, or as promptly as practicable thereafter, subject to all conditions to the Tender Offers having been either satisfied or waived by Transocean Inc. On the Early Settlement Date, Transocean Inc. will accept Notes validly tendered at or prior to the Early Tender Date, subject to the Aggregate Maximum Tender Amount, the Tender Caps, the Acceptance Priority Levels and proration, each as described in the Offer to Purchase. Assuming that the conditions to the Offers are satisfied and waived, such Early Settlement Date may be as early as one business day following the Early Tender Date. Transocean Inc. will purchase any remaining Notes that have been validly tendered and not validly withdrawn at or prior to the Expiration Date and that Transocean Inc. chooses to accept for purchase promptly following the Expiration Date, subject to all conditions to the Tender Offers having been either satisfied or waived by Transocean Inc. The Final Settlement Date is expected to occur within three business days following the Expiration Date or as promptly as practicable thereafter.
Subject to the Aggregate Maximum Tender Amount, the Tender Caps and proration, the Notes accepted on any Settlement Date will be accepted in accordance with their Acceptance Priority Levels set forth in the table above, with 1 being the highest Acceptance Priority Level and 5 being the lowest Acceptance Priority Level. In addition, no more than U.S. $400,000,000 aggregate principal amount of the 6.000% 2018 Notes will be purchased in the Tender Offers (as may be increased by Transocean Inc., the "6.000% 2018 Notes Tender Cap"), no more than U.S. $225,000,000 aggregate principal amount of the 2020 Notes will be purchased in the Tender Offers (as may be increased by Transocean Inc., the "2020 Notes Tender Cap") and no more than U.S. $225,000,000 aggregate principal amount of the 2021 Notes will be purchased in the Tender Offers (as may be increased by Transocean Inc., the "2021 Notes Tender Cap" and, together with the 6.000% 2018 Notes Tender Cap and the 2020 Notes Tender Cap, the "Tender Caps"). All Notes tendered at or before the Early Tender Date will be accepted for purchase in priority to other Notes tendered after the Early Tender Date, even if such Notes tendered after the Early Tender Date have a higher Acceptance Priority Level than Notes tendered prior to the Early Tender Date.Acceptance for tenders of any Notes may be subject to proration if the aggregate principal amount for any series of Notes validly tendered and not validly withdrawn would cause the Aggregate Maximum Tender Amount to be exceeded. Acceptance for tenders of the 6.000% 2018 Notes, the 2020 Notes and the 2021 Notes may be subject to proration if the aggregate principal amount of the specified series of Notes validly tendered and not validly withdrawn is greater than the applicable Tender Cap. Furthermore, if the Tender Offers are fully subscribed as of the Early Tender Date, holders who validly tender Notes after the Early Tender Date will not have any of their Notes accepted for purchase.
The consummation of the Tender Offers is not conditioned upon any minimum amount of Notes being tendered. However, the Tender Offers are subject to, and conditioned upon, the satisfaction or waiver of certain conditions described in the Offer to Purchase.Wells Fargo Securities, LLC and Credit Agricole Securities (USA) Inc. are the dealer managers in the Tender Offers. D.F. King & Co., Inc. has been retained to serve as both the depositary and the information agent for the Tender Offers. Questions regarding the Tender Offers should be directed to Wells Fargo Securities, LLC at (toll-free) (866) 309-6316 or (collect) (704) 410-4760, Credit Agricole Securities (USA) Inc. at (toll-free) (866)-807-6030 or (collect) (212) 261-7802. Requests for copies of the Offer to Purchase and other related materials should be directed to D.F. King & Co., Inc. at (email) firstname.lastname@example.org, (toll-free) (888) 625-2588 or (collect) (212) 269-5550. None of Transocean Ltd., Transocean Inc., their respective boards of directors, the dealer managers, the depositary or the information agent, the trustees with respect to the Notes or any of Transocean Inc.'s or their respective affiliates, makes any recommendation as to whether holders of the Notes should tender any Notes in response to the Tender Offers. The Tender Offers are made only by the Offer to Purchase. The Tender Offers are not being 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 are required to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of Transocean Inc. by the dealer managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
About TransoceanTransocean 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 44 mobile offshore drilling units consisting of 30 ultra-deepwater floaters, seven harsh environment floaters, three deepwater floaters and four midwater floaters. In addition, the company has four ultra-deepwater drillships under construction or under contract to be constructed. For more information about Transocean, please visit: www.deepwater.com. Forward-Looking Statements This news 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 include: statements regarding the terms and timing for completion of the Tender Offers, including the acceptance for purchase of any Notes validly tendered and the expected Early Tender Date, Expiration Date and Settlement Dates thereof; the potential increase to the Aggregate Maximum Tender Amount; the potential increase to the Tender Caps; and the satisfaction or waiver of certain conditions of the Tender Offers. 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, investor response to Transocean Inc.'s Tender Offers, 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+1 713-232-7515Diane Vento+1 713-232-8015 Media Contact:Pam Easton+1 713-232-7647