Financing ·
Transocean signs $750M credit facility and retires $165M notes to aid Valaris acquisition
RIGTransocean Ltd.
Transocean International Limited entered into an amended and restated credit agreement with Citibank, N.A., increasing revolving commitments from $510 million to $750 million and extending the maturity date to October 2031. The facility's effectiveness is contingent on the closing of Transocean Ltd.'s previously announced acquisition of Valaris Limited. Separately, the company retired its 8.00% Senior Secured Notes due 2028 in full on October 1, 2026, settling the $165 million outstanding principal plus a call premium and accrued interest using cash on hand. This redemption is expected to generate approximately $22 million in interest expense savings to maturity as part of the company's deleveraging strategy. Transocean Ltd. operates the highest specification floating offshore drilling fleet globally.