Commentary & Deal Flow

Transocean International Ltd (RIG) $500m 144A/Reg S sr priority gtd notes due 2032 (7y). NC3 (MWC T+50bp) (par + 50% of coupon). Equity claw: 3y 40%. B3/B- (stable/stable). Via WFS/Citi/DNB/GS/MS/SpareBank jt books, Standard as co-manager. No reg rights. CoC at 101. Denoms: 2kx1k. Settles T+10 (10/15). IPT: Low-to-mid 8s.

Price talk: 8.00% area.

Did investor call at 11am 09/30. Books close at 1pm 09/30. Pricing 09/30 afternoon. UOP:refinance its $655m 8% priority gtd notes due Feb 2027 and $248m 6.875% sr sec notes due 2027, fund a waterfall tender offer for up to $50m of its 7.35% sr notes due 2041 (step-up coupon currently at 9.35%) and 7% sr notes due 2028. Biz: international provider of offshore contract drilling services for oil and gas wells. HQ: Steinhausen, Switzerland.