Twenty years of diverse and progressive experience in the treasury department of three Fortune 500 companies. Extensive experience in debt financing and treasury operations, including domestic and international cash management, foreign exchange and interest rate hedging, letters of credit, pension investments and investor relations.
TRANSOCEAN INC., Houston, Texas (international offshore contract drilling company)
Assistant Treasurer 1997 to 2003
• Negotiated a $238 million synthetic lease refinancing related to the construction of a deepwater drillship.
• Issued $400 million of 1.50% convertible debentures due May 2021 to redeem the 10.25% notes of Cliffs Drilling acquired in January 2001.
• Issued $700 million of 6.625% notes due April 2011 and $600 million of 7.50% notes due April 2031 to refinance three high yield debt issues of R&B Falcon Corp. acquired in January 2001.
• Negotiated $800 million of revolving credit commitments in the form of a five-year $550 million facility and a 364-day $250 million facility for general corporate purposes.
• Issued $865 million of 2.75% zero coupon convertible debentures due May 2020 to finance rig construction.
• Negotiated a $400 million term loan facility to finance the acquisition of Sedco Forex in December 1999.
• Lowered interest costs by approximately $45 million over six quarters by executing $700 million of floating interest rate swaps on the 6.625% notes due April 2011.
• Implemented Wells Fargos cash management system which allowed consolidation of the companys U.S. cash management activities with a credit bank.
• Integrated the U.S. Dollar cash management program of Sedco Forex by implementing the Chase Insight system and utilizing it worldwide via Citrix software.
• Integrated the domestic cash management program of R&B Falcon and established a separate cash management program for TODCO, a subsidiary that was partially sold to the public in an IPO.
• Managed the global cash management activities of the company, including bank selection and implementation.
• Implemented an $800 million A2 / P2 commercial paper program involving four dealers.
• Managed the foreign exchange activities of the company, including hedging of contract exposures and funding of foreign operations.
• Arranged $100 million of letter agreement, bank facilities for issuance of standby letters of credit to support the companys contract bidding activity.
• Created the investment policy guidelines for the corporate cash portfolio and invested excess cash accordingly.
• Responsible for oversight and reporting of investment performance of the companys pension plans.
Directory of Treasury 1997
• Managed the risk management functions of the company; obtained delay in delivery coverage for a $300 million drillship being constructed at a shipyard in Spain.
STERLING CHEMICALS, INC., Houston, Texas (international chemical manufacturing company)
Manager of Treasury Analysis and Investor Relations 1992-1997
• Arranged $456.5 million of bank facilities used to acquire 91% of Sterlings outstanding common stock as a part of a merger transaction with a privately held company.
• Managed the proxy solicitation process to obtain shareholder approval of the merger transaction between Sterling and a privately held company, including management of the