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.

People & Company News

MN100: Conrad Shipyard

The Company: Conrad Shipyard was established in 1948 and is headquartered in Morgan City, Louisiana. The company designs, builds and overhauls tugboats, ferries,

Why Maritime Museums Matter

With today’s focus on digital technology, mobile apps, enhanced reality and the overall digital landscape, the maritime industry often gets overshadowed, leaving some to ask,

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Finance

Yangzijiang Shipbuilding to Slash 2,000 More Jobs

Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up

Australia Warns DCNS after Security Breach

Australian defence officials warned French naval contractor DCNS to beef up security in Australia, where it is preparing to build a A$50 billion ($38.13 billion) fleet of submarines,

Hapag-Lloyd: UASC Merger Benefits to show in 2017

German container shipping line Hapag-Lloyd expects to reap a third of targeted annual synergies of $400 million from the planned merger with Arab rival UASC already next year,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.1025 sec (10 req/sec)