04:48 AM EDT, 04/12/2024 (MT Newswires) -- Transocean ( RIG ) on Thursday priced an upsized private offering of $900 million of senior notes due 2029 at 8.25% and $900 million of senior notes due 2031 at 8.5%.

The offering is expected to close on or about April 18, subject to customary closing conditions.

The Steinhausen, Switzerland-based company intends to use a portion of the net proceeds from the offering to reduce its other debts by purchasing for cash the company's outstanding 11.5% senior guaranteed notes due 2027, 7.25% senior notes due 2025, and by redeeming other notes.