We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Transocean Inc, a fully-owned affiliate of offshore drilling giant Transocean Ltd. (RIG - Free Report) , announced the pricing of senior unsecured notes worth $1.25 billion for a public offering. These notes are due to mature by 2023.
The Transocean unit offered Senior Notes carrying an interest rate of 9%. The offering is slated to close on Jul 21, 2016. The net proceeds are expected to be around $1.21 billion after removing purchase discounts and offering costs.
The subsidiary plans to utilize a part of the offering’s net proceeds to fund tender offers to buy 6.500% Senior Notes due 2020, 6.375% Senior Notes due 2021 and 3.800% Senior Notes due 2022 for cash up to $1.0 billion. A portion of the net proceeds will also be utilized for refinancing debt and for general corporate activities.
Switzerland-based Transocean is the world’s largest offshore drilling contractor and leading provider of drilling management services. The company offers unmatched levels of earnings and cash flow visibility, given its technologically advanced and versatile offshore drilling fleet, strong backlog and considerable pricing power.
Moreover, the company’s strong backlog, which now stands at an industry-leading $14.6 billion, not only reflects steady demand from its customers but also offers an unmatched level of earnings and cash flow visibility.
As a result, Transocean currently carries a Zacks Rank #2 (Buy), implying that it will outperform the broader U.S. equity market over the next one to three months.
Other players in the Oil and Gas Drilling sector that warrant a look include IndependenceContract Drilling, Inc. (ICD - Free Report) , North Atlantic Drilling Limited and Ocean Rig UDW LLC . While Independence Contract Drilling and North Atlantic Drilling sport a Zacks Rank #1 (Strong Buy), Ocean Rig holds the same Zacks Rank as Transocean.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Transocean Affiliate Prices Senior Notes Worth $1.25 Billion
Transocean Inc, a fully-owned affiliate of offshore drilling giant Transocean Ltd. (RIG - Free Report) , announced the pricing of senior unsecured notes worth $1.25 billion for a public offering. These notes are due to mature by 2023.
The Transocean unit offered Senior Notes carrying an interest rate of 9%. The offering is slated to close on Jul 21, 2016. The net proceeds are expected to be around $1.21 billion after removing purchase discounts and offering costs.
The subsidiary plans to utilize a part of the offering’s net proceeds to fund tender offers to buy 6.500% Senior Notes due 2020, 6.375% Senior Notes due 2021 and 3.800% Senior Notes due 2022 for cash up to $1.0 billion. A portion of the net proceeds will also be utilized for refinancing debt and for general corporate activities.
Switzerland-based Transocean is the world’s largest offshore drilling contractor and leading provider of drilling management services. The company offers unmatched levels of earnings and cash flow visibility, given its technologically advanced and versatile offshore drilling fleet, strong backlog and considerable pricing power.
TRANSOCEAN LTD Price
TRANSOCEAN LTD Price | TRANSOCEAN LTD Quote
Moreover, the company’s strong backlog, which now stands at an industry-leading $14.6 billion, not only reflects steady demand from its customers but also offers an unmatched level of earnings and cash flow visibility.
As a result, Transocean currently carries a Zacks Rank #2 (Buy), implying that it will outperform the broader U.S. equity market over the next one to three months.
Other players in the Oil and Gas Drilling sector that warrant a look include IndependenceContract Drilling, Inc. (ICD - Free Report) , North Atlantic Drilling Limited and Ocean Rig UDW LLC . While Independence Contract Drilling and North Atlantic Drilling sport a Zacks Rank #1 (Strong Buy), Ocean Rig holds the same Zacks Rank as Transocean.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>