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Helix Energy calls all 6.75% convertible senior notes due 2026
By Marisa Wong
Los Angeles, Jan. 16 – Helix Energy Solutions Group, Inc. will redeem all of its outstanding 6.75% convertible senior notes due 2026 on March 20, according to a press release.
The redemption price is par, plus accrued interest to but excluding the redemption date, plus an applicable make-whole premium.
As of Jan. 16, the aggregate principal amount of the notes outstanding is $39,983,000.
The notes may be converted at any time before the close of business on March 18, the second business day immediately preceding the redemption date, unless the company fails to pay the redemption price.
The notes would be convertible into shares of Helix’s common stock at a rate of 143.3795 shares per $1,000 principal amount. However, Helix has elected to deliver cash to satisfy its entire conversion obligation upon any conversion of the notes.
The company said it also intends to enter into unwind agreements with financial institutions to terminate the remaining portions of the capped call transactions entered into in connection with the issuance of the notes.
Bank of New York Mellon Trust Co., NA is the paying agent and the conversion agent.
Helix is a Houston-based offshore energy services company.
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