Scotland's KCA Deutag postpones $500 million eight-year note offering

By Paul A. Harris

St. Louis, Aug. 9 - Turbo Beta plc, the owner of Scotland-based oil and gas services company KCA Deutag Drilling Group, Ltd., has withdrawn its $500 million offering of eight-year senior unsecured notes (Caa2/CCC), according to market sources.

The deal had been struggling, according to sources on both the buyside and sellside.

The notes were talked at the 13½% area late last week.

Goldman Sachs & Co. was the global coordinator for the Rule 144A and Regulation S offering.

HSBC, Lloyds TSB and Royal Bank of Scotland are the joint bookrunners.

Proceeds, together with an equity injection from shareholders, were designated to refinance mezzanine debt.

The company is based in Aberdeen, Scotland.

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