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Transocean raised $1.8bn via a two-tranche deal. It raised $900mn via a 5NC2 bond at a yield of 8.25%, inside initial guidance of 8.25-8.50%. It raised $900mn via a 7NC3 bond at a yield of 8.50%, inside initial guidance of 8.50-8.75%. The priority guaranteed notes are rated Caa1/B-. Proceeds will be used to fund the tender offer buyback of its 11.5% 2027s and 7.25% 2025s. Proceeds will used for redeeming other existing priority guaranteed notes. The bonds have a change of control put at 101. The company was upgraded by Moody’s to B3 from Caa1 citing a “good runway” that Transocean has to “achieve meaningful deleveraging over the next several years”.