- Category
- Announcements
- Date
- Oct. 19, 2016
- Title
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Kramer Levin Represents Initial Purchaser in Offering of $600 million Senior Secured Notes By Subsidiary of Transocean Ltd.
Kramer Levin represented Piper Jaffray & Co., as initial purchaser, in connection with the offering by Transocean Phoenix 2 Limited, a subsidiary of Transocean Ltd., of $600 million aggregate principal amount of 7.75% Senior Secured Notes due 2024. The notes are guaranteed by Transocean Ltd., Transocean Inc. and the owner of the drillship Deepwater Thalassa, which serves as security for the notes. The notes are also secured by proceeds from a drilling contract between the Transocean entity that operates the drillship and a subsidiary of Royal Dutch Shell plc. The net proceeds from the offering will be used for the purpose of partially financing the construction, improvement, alteration or repair of the Deepwater Thalassa and to fund a debt service reserve.
The Kramer Levin Leveraged Finance team consisted of partners Richard E. Farley and Kenneth Chin and associates Elaine Lo, Drew Allen, Steve Ni, Jason P. Norinsky and Joel Pietrzak.
Related People
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Richard E. Farley
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- Partner
- Chair, Leveraged Finance Group
- New York
- vcard
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Kenneth Chin
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- Partner
- Chair, Banking and Finance
- New York
- vcard
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