Transocean has just released a new SEC filing that brings very good news. 1. Banks are ready to finance the new $RIG / $VAL The new credit facility increases from $510 million to $750 million, and its maturity is extended from 2028 to 2031, provided the merger is completed. 2. Banks offered more money than Transocean asked for. This is particularly interesting to me. The credit facility was oversubscribed, meaning banks were willing to provide more financing than Transocean requested. Heavily indebted offshore companies don't get this, but my readers have known for a long time that RIG can handle its debt relatively easily. This is just further proof. 3. Less debt. Transocean has repaid $165 million of debt carrying an 8% interest rate, reducing future interest expenses. 4. And here is something particularly interesting. Shareholder returns. Section 6.25 of the credit agreement contains provisions allowing future dividend payments and share buybacks. Think about that for a moment. A company that spent years struggling with debt now has banks offering more money than it requested, is repaying expensive debt, and has a credit agreement that allows for future returns of capital to shareholders. Debt goes down, moat goes up, and future cash goes to shareholders. Cheers, Sandro