Transocean Extends Credit Facility Maturity, Raises Commitments to $750 Million

MT Newswires Live10-16

Transocean (RIG) said Thursday its subsidiary entered into an amended and restated credit agreement that extends the maturity of its revolving credit facility to October 2031 from June 2028 and increases total revolving commitments to $750 million from $510 million.

The agreement also modifies certain covenants and other terms. The facility was oversubscribed during syndication.

The agreement's effectiveness is subject to customary conditions and the closing of Transocean's previously announced acquisition of Valaris (VAL).

Additionally, Transocean said it retired its $165 million in 8% senior secured notes due 2028, known as the Aquila Notes, on Oct. 1. The early retirement is expected to save about $22 million in interest expense through maturity.

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