Vinson & Elkins Advises Initial Purchasers in $500 Million Senior Priority Guaranteed Notes Offering by Transocean
Vinson & Elkins advised the initial purchasers, led by Wells Fargo Securities, LLC, in connection with the private placement of $500 million aggregate principal amount of 7.875% senior priority guaranteed notes due 2032 by Transocean International Limited (the “Issuer”), a subsidiary of Transocean Ltd. (NYSE: RIG).
The Firm also represented Wells Fargo Securities, LLC in its role as dealer manager in connection with a concurrent tender offer for certain outstanding debt securities. The offering priced on Tuesday, September 30, 2025, and is expected to close on Wednesday, October 15, 2025, subject to customary closing conditions. The Issuer intends to use the net proceeds from the offering to refinance, repay, or redeem existing indebtedness, including funding a concurrent tender offer for certain outstanding debt securities.
The Vinson & Elkins corporate team was led by partners Mike Telle, David Stone, and Ben Heriaud and associate Walt Baker, with assistance from associates Patience Li, Ryan Dolmanet, and Ishaan Golding. Also advising were partner Wendy Salinas and associates Jeff Slusher and Addy Jackson.
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