Oceaneering on roadshow with $200 million tap of 6% notes due 2028; initial price talk 90-91

By Paul A. Harris

Portland, Ore., Sept. 20 – Oceaneering International expects to price a $200 million add-on to its 6% senior notes due Feb. 1, 2028 (Ba3/BB-) on Thursday, according to market sources.

Initial price talk is 90 to 91.

The Rule 144A and Regulation S deal was set to kick off on a Wednesday morning conference call with investors.

The notes are subject to a make-whole call at Treasuries plus 50 basis points prior to Nov. 1, 2027, whereupon they become callable at par.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC and DNB Markets Inc. are the joint bookrunners. Citigroup Global Markets Inc. is the co-manager.

The Houston-based provider of engineered services and products to the offshore oil and gas industry plans to use the proceeds plus cash on hand to fund the tender offer for its 4.65% senior notes due 2024.

The original $300 million issue priced in February 2018.

The add-on notes will become fungible with the original notes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.