Legality of the Leveraged Lending Guidance is Questioned
Limits on Creditors’ Remedies Against Solvent Debtors Echoed in the Quadrant Litigation
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Kramer Levin represented Piper Jaffray & Co., Citigroup Global Markets Inc., Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., Credit Agricole Securities (USA) Inc., DNB Markets, Inc., MUFG Securities Americas Inc., BNP Paribas Securities Corp., Standard Chartered Bank and BNY Mellon Capital Markets, LLC, as the initial purchasers, in connection with the offering by Transocean Proteus Limited, a subsidiary of Transocean Ltd., of $625 million aggregate principal amount of 6.25% Senior Secured Notes due 2024. The notes are guaranteed by Transocean Ltd., Transocean Inc. and the owner of the drillship Deepwater Proteus, 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 Proteus 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.