KCA Deutag starts U.S. roadshow for $860 million seven-year notes

By Paul A. Harris

Portland, Ore., March 18 - Scotland's KCA Deutag Finance plc began a roadshow on Monday in the United States for the purposes of marketing its $860 million offering of seven-year senior secured notes (expected ratings B3/B), according to a market source.

The roadshow wraps up on Friday and will be followed by a roadshow in Europe scheduled for March 26 and March 27, after which the deal is set to price.

J.P. Morgan Securities LLC, BofA Merrill Lynch, HSBC, Lloyds TSB and Morgan Stanley & Co. are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable in three years at par plus 75% of the coupon.

The Aberdeen, Scotland-based oil and gas services company plans to use the proceeds to repay debt.

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