Transocean Announces Redeems Zero Coupon Convertible Debentures

Friday, October 19, 2007
Transocean Inc. announced that it has called its Zero Coupon Convertible Debentures due May 2020 and its 1.5 percent Convertible Debentures due 2021 for redemption on November 15, 2007. The redemption price is $710.29 per $1,000 principal amount of the Zero Coupon Convertible Debentures and $1,000 (plus accrued and unpaid interest) per $1,000 principal amount of the 1.5 percent Convertible Debentures. The Zero Coupon Convertible Debentures and the 1.5 percent Convertible Debentures are convertible into ordinary shares at a rate of 8.1566 and 13.8627, respectively. The right of a holder of a debenture to convert the debenture into ordinary shares will terminate at the close of business on November 14, 2007 in the case of the Zero Coupon Convertible Debentures and on November 9, 2007 in the case of the 1.5 percent Convertible Debentures. If all holders convert before the redemption date, we expect to issue 5,756,702 ordinary shares upon conversion based on the debentures outstanding as of September 30, 2007. The aggregate face value of the debentures was $426 million as of September 30, 2007, and the cost to redeem the debentures is expected to be approximately $421 million, including accrued and unpaid interest, assuming none of the debentures are converted. Transocean expects to recognize a loss on retirement of the notes during the fourth quarter of 2007 of approximately $5 million and plans to use existing cash balances and borrowings under our existing revolving credit facility to fund the redemption.
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ClassNK Holds LNG Fuel Technologies Seminars

ClassNk held LNG-Fuelled Vessel Technologies seminars in Shanghai and Singapore on 22 July and 24, July 2014, respectively. With the industry looking to adopt

USCG Change of Command in Galveston

A Coast Guard lieutenant commander and graduate of Hastings High School in Houston, took command of Maritime Safety and Security Team Galveston during a ceremony in Galveston Thursday.

Miller Rejoins TITAN as Salvage Master

Captain Stuart Miller has rejoined Crowley Maritime Corporation’s TITAN Salvage operations team as salvage master, bringing with him over 30 years of worldwide,

Finance

Canal Project Slows Panama Economy Growth

Panama's economy expanded in May at its slowest pace since 2009 as major public works projects, including an expansion of the Panama Canal, slowed or wrapped up,

Gas Prices Help Offset Statoil's Output Drop

Statoil's second quarter 2014 net operating income was NOK 32 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1416 sec (7 req/sec)