Transocean Sells $550 Million of Bonds to Help Finance New Rig
- Bonds priced at 99.25 cents on dollar to yield 7.026%
- Transocean and peers have suffered amid oil price decline
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Transocean Ltd. sold bonds to help finance its newly built offshore drilling rig, the Deepwater Poseidon, in the latest sign that the junk debt market is thawing.
The company issued $550 million of 6.875 percent first-lien notes, according to a person with knowledge of the matter, who asked not to be identified discussing private details. The eight-year bonds, which can’t be bought back for three years, were sold at 99.25 cents on the dollar to yield 7.026 percent, the person said.