Published on 11/30/2012 in the Prospect News High Yield Daily.
New Issue: GulfMark sells upsized $200 million tap of 6 3/8% senior notes due 2022 at 100.5
By Paul A. Harris
Portland, Ore., Nov. 30 - GulfMark Offshore, Inc. priced an upsized $200 million add-on to its 6 3/8% senior notes due March 15, 2022 (B1/BB-/) at 100.5 to yield 6.286% on Friday, according to a syndicate source.
The reoffer price printed on top of the price talk.
Wells Fargo Securities LLC was the left bookrunner for the quick-to-market issue, which was upsized from $150 million. J.P. Morgan Securities LLC and RBS Securities Inc. were the joint bookrunners.
The Houston-based provider of offshore marine services plans to use the proceeds to fully repay its existing facility agreement, to pay a liability related to an interest rate swap associated with the existing facility agreement, and for general corporate purposes, including the funding of vessel construction costs.
| Issuer: | GulfMark Offshore, Inc.
|
| Face amount: | $200 million, increased from $150 million
|
| Proceeds: | $201 million
|
| Maturity: | March 15, 2022
|
| Security description: | Add-on to 6 3/8% senior notes due March 15, 2022
|
| Bookrunners: | Wells Fargo Securities LLC, J.P. Morgan Securities LLC, RBS Securities Inc.
|
| Co-manager: | DNB Markets, Inc.
|
| Coupon: | 6 3/8%
|
| Price: | 100.5
|
| Yield to maturity: | 6.286%
|
| Spread: | 481 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until March 15, 2017, then callable at 103.188, 102.125, 101.063, par on and after March 15, 2020
|
| Equity clawback: | 35% at 106.375 until March 15, 2015
|
| Trade date: | Nov. 30
|
| Settlement date: | Dec. 5 with accrued interest
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 100.5
|
| Marketing: | Quick to market
|
| Original issue: | $300 million issue priced at par on March 1, 2012
|
| Fungibility: | Add-on notes will be immediately fungible with existing notes
|
| Total issue size: | $500 million
|
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