New Issue: Oil States prices $600 million eight-year notes at par to yield 6½%

By Paul A. Harris

Portland, Ore., May 26 - Oil States International, Inc. priced a $600 million issue of eight-year senior notes (Ba3/BB/) at par to yield 6½% on Thursday, according to an informed source.

The yield printed on top of the price talk.

Credit Suisse Securities (USA) LLC, RBC Capital Markets and Wells Fargo Securities LLC were the joint bookrunners.

The Houston-based diversified oilfield services company plans to use the proceeds to repay its revolving credit facility and for general corporate purposes.

Issuer:	Oil States International, Inc.
Amount:	$600 million
Maturity:	June 1, 2019
Securities:	Senior notes
Bookrunners:	Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC, Wells Fargo Securities, LLC
Senior co-managers:	Jefferies & Co. Inc., Raymond James & Associates, Inc., Simmons & Co. International, Tudor, Pickering, Holt & Co. Securities, Inc.
Co-managers:	Capital One Southcoast, Inc., DnB NOR Markets, Inc., Fifth Third Securities, Inc., Howard Weil Inc, HSBC Securities (USA) Inc., NabSecurities, LLC, Scotia Capital (USA) Inc., SMBC Nikko Capital Markets Ltd., TD Securities (USA) LLC
Coupon:	6½%
Price:	Par
Yield:	6½%
Spread:	386 bps
Call features:	Make-whole call at Treasuries plus 50 bps until June 1, 2014, then callable at 104.875, 103.25, 101.625, par on and after June 1, 2017
Equity clawback:	35% at 106.50 until June 1, 2014
Trade date:	May 26
Settlement date:	June 1
Ratings:	Moody's: Ba3
	Standard & Poor's: BB
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	6½% area
Marketing:	Roadshow

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