Transocean
Offshore drilling contractor
Key facts
| Legal Name | Transocean Ltd. |
|---|---|
| Company Operating Status | Active |
| Full Address | One Boulevard, 4th Floor, Office No. 2 Lake Boulevard Street Hiranandani Business Park, Powai Mumbai, 400076, India |
| Legal Entity Identifier | 529900QO4W5DQGBGEF32 |
| Stock Symbol | RIG |
| Wikidata ID | Q686785 |
Capital structure
$5.0bn total debt
| Instrument | Coupon | Maturity | Amount | Source |
|---|---|---|---|---|
| Lehman Lenders Commitment โ Bridge Loan Facility Tranche ยท Senior Unsecured | โ | โ | USD 5.0bn | source โ |
Covenant analysis
| Covenant | Term | vs market | Source |
|---|---|---|---|
| Mandatory Prepayment โ Equity Offerings ยท Mandatory Prepayment | 100% of net cash proceeds from issuance of equity securities of the Borrower or its subsidiaries (other than issuances pursuant to employee stock plans) | market 100% vs mandatory prepayment median 100% (n=26) | source โ |
| Prohibition on Sale and Leaseback ยท Negative Covenant | No sale and leaseback transactions, except those that may be incurred, assumed or suffered to exist without violating any section of the Credit Agreement, including the Financial Covenant | source โ | |
| Limitation on Liens โ Judgment Liens ยท Negative Covenant | Liens arising out of final judgments securing judgments in an aggregate amount outstanding at any time not exceeding $125.0 million | market $125m vs negative covenant median $137.5m (n=56) | source โ |
| Covenant Violation Grace Period ยท Event of Default | 30 days after notice thereof to the Borrower (other than for violations of the Financial Covenant, merger prohibitions and lien limitation) | source โ | |
| Limitation on Lines of Business ยท Negative Covenant | Borrower and its subsidiaries shall not engage primarily in businesses other than contract drilling, provision of services to the energy industry, other existing businesses described in current SEC filings, and any related businesses | source โ | |
| Mandatory Prepayment โ Asset Sales ยท Mandatory Prepayment | 100% of net cash proceeds of asset sales above agreed threshold, with exceptions for ordinary course sales and reinvestment within one year | market 100% vs mandatory prepayment median 100% (n=26) | source โ |
| Limitation on Liens โ General Basket ยท Negative Covenant | Other liens securing Indebtedness (or other obligations) not exceeding at the time of incurrence thereof ten percent (10%) of Consolidated Tangible Net Worth | tight 10% vs basket median 20% (n=122) | source โ |
| ERISA Event Threshold ยท Event of Default | Certain ERISA events which could reasonably be expected to result in liabilities in excess of $125.0 million | market $125m vs event of default median $125m (n=62) | source โ |
| Material Judgment Threshold ยท Event of Default | Material judgments not covered by insurance in excess of $125.0 million in the aggregate which remain undischarged and unstayed for 30 days (60 days for foreign judgments) | market $125m vs event of default median $125m (n=62) | source โ |
| Mandatory Prepayment โ Incurrence of Indebtedness ยท Mandatory Prepayment | 100% of net cash proceeds from incurrence of indebtedness for borrowed money (other than Working Capital Facility and permitted refinancings) | market 100% vs mandatory prepayment median 100% (n=26) | source โ |
Contact details
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