12 Sept 2023capital raising announcement● NeutralMajor
On September 12, 2023, Diamond Offshore's subsidiaries launched a $500 million private offering of second-lien notes due 2030. The proceeds are intended to repay and terminate the term loan, redeem the 2027 first-lien PIK toggle notes in full and repay the revolver borrowings, i.e. refinancing the debt taken on at the April 2021 emergence. The filing also includes marketing disclosure: about $1.6 billion contract backlog as of July 1, 2023, debt cut from $2 billion since emerging to about $500 million, and net debt to adjusted EBITDA of 5.4x at June 30, 2023 (5.5x as adjusted for the offering). These are company statements to investors.