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"$RIG $JNK $HYG Credit investor's opinions on RIG's equity raise and considerations for Equity at link in bio (free) Summary: (1) Transoceans equity has a debt structure problem. Its not just the amount of leverage its the terms of leverage being (currently) too debtor friendly. All of the cash flows deleveraging is from paying off secured debt. Specifically Transocean had $502mm of scheduled principal amortization due in the next twelve months from secured bonds and a shipyard loan. RIGs contracted cash flows support this debt repayment but if paid as dividends they would translate to 16%"
X Link @TommyDeepwater 2025-09-27T11:43Z 13K followers, 19.4K engagements