22 Dec 2004capital raising announcement● NeutralMajor
Transocean sold 13,000,000 TODCO Class A shares at $18.00 each through Morgan Stanley, Citigroup and Goldman Sachs, and the underwriters exercised in full their option for 1,950,000 more shares. TODCO received no proceeds. Transocean converted its Class B shares into Class A, so no Class B remain; it will hold 13,310,000 Class A shares (about 22%) and its voting power falls from about 81.5% to about 22%, though it keeps rights to designate directors in proportion to its ownership and to consent to certain charter and bylaw amendments. This follows the earlier registrations and offerings and ends Transocean's majority control.