Commentary & Deal Flow

Transocean International Ltd (RIG) $500m 144A/Reg S sr priority gtd notes due 10/15/32 (7y). NC3 (10/15/28) (MWC T+50bp), then at 103.938 10/15/28, 101.969 10/15/29, 100 10/15/30. Equity claw: 3y 40% at 107.875. B3/B- (stable/stable). Via WFS/Citi/DNB/GS/MS/SpareBank jt books, Standard as co-manager. No reg rights. CoC at 101. Pays April 15 and Oct 15, starting 04/15/26. Denoms: 2kx1k. Settles 10/15 (T+10). 144A CUSIP: 893814AA1; 144A ISIN: US893814AA10. IPT: Low-to-mid 8s. Price talk: 8.00% area.

Priced 7.875% at 100. +397bp vs 3.875% 09/30/32

Did investor call at 11am 09/30. Books closed at 1pm 09/30. 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.