Transocean gets $15 bln loan for GlobalSantaFe deal

Mon Oct 1, 2007 11:17pm BST
 
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HOUSTON, Oct 1 (Reuters) - Transocean Inc (RIG.N: Quote, Profile, Research), the world's largest offshore oil and gas drilling contractor, has secured a one-year, $15 billion loan to help finance its acquisition of rival GlobalSantaFe Corp GSF.N, according to a regulatory filing on Monday.

Goldman Sachs Credit Partners LP, Lehman Brothers Holdings Inc LEH.N and others are providing the short-term loan, the filing with the U.S. Securities and Exchange Commission said.

In July, Transocean said it would buy GlobalSantaFe for nearly $18 billion. The deal, which offers no premium to GlobalSantaFe shareholders, includes stock and a $15 billion dividend.

Transocean said it will likely seek to refinance the $15 billion loan before the expiration of its one-year term, using borrowings under new bank credit facilities, the issuance of debt securities, including convertible debt securities, or through other financing transactions.

Earlier Monday, Transocean and GlobalSantaFe said they will hold separate shareholder meetings on Nov. 9 in the Cayman Islands to vote on the deal. (Reporting by Anna Driver in Houston, editing by Jeffrey Benkoe)

 
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