Transocean Ltd (NYSE:RIG) shares are tumbling in Wednesday’s after-hours session after the company announced a public offering.
Check out RIG stock movement here.
What Happened: After the market close on Wednesday, Transocean said it plans to offer and sell 100 million shares of its common stock in an underwritten public offering. The company will also grant the underwriters a 30-day option to purchase up to an additional 15 million shares. All of the shares are being offered by Transocean.
Transocean expects to use the proceeds from the offering to repay or redeem a portion of its 8.00% senior notes due 2027, as well as for general corporate purposes.
Transocean had approximately $377 million of total cash and cash equivalents as of June 30.
How To Buy RIG Stock
Besides going to a brokerage platform to purchase a share — or fractional share — of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For Transocean, it is in the Energy sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
RIG Price Action: Transocean shares were down 12.09% in after-hours on Wednesday, trading at $3.20 at the time of publication, according to Benzinga Pro.
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