By Paul A. Harris
Portland, Ore., Feb. 8 - United Arab Emirates-based Millennium Offshore Services Superholdings LLC priced a $225 million issue of five-year senior secured notes (B2/B) at par to yield 9½% on Friday, market sources said.
The yield printed on top of the yield talk.
Initial guidance was in the low-to-mid 9% yield context, according to an investor.
Goldman Sachs was the lead.
Proceeds will be used to fund a dividend to shareholders.
Millennium Offshore is an Ajman, United Arab Emirates-based rig provider for the offshore oil and gas industry.
Issuer: | Millennium Offshore Services Superholdings LLC
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Amount: | $225 million
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Maturity: | Feb. 15, 2018
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Securities: | Senior secured notes
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Bookrunner: | Goldman Sachs & Co.
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Coupon: | 9½%
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Price: | Par
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Yield: | 9½%
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Spread: | 867 bps
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First call: | Feb. 15, 2015 at 107.125
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Trade date: | Feb. 8
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Settlement date: | Feb. 14
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Ratings: | Moody's: B2
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| Standard & Poor's: B
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 9½% area
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Marketing: | Roadshow
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