Oil and gas drilling contractor Transocean has closed a private loan of $410million with the new build Deepwater Conqueror up as collateral.
The secured notes deal, a loan that is backed with the borrower’s assets, has an annual rate of 5.52% and matures in 2022.
The notes are secured by a lien on the Deepwater Conqueror and certain other assets related to the rig. Neither Transocean Ltd. nor Transocean Inc. guaranteed the obligations of the Issuer under the notes.
The net proceeds of approximately $403 million from the deal will be used primarily for the purpose of partially financing the construction of the Deepwater Conqueror.