New Issue: Oil States prices upsized $400 million 5 1/8% 10-year notes at par

By Paul A. Harris

Portland, Ore., Dec. 18 - Oil States International, Inc. priced an upsized $400 million issue of 10-year senior notes (Ba3/BB+/) at par to yield 5 1/8% on Tuesday, according to an informed source.

The yield printed on top of yield talk that had been tightened from earlier official talk in the 5¼% area.

RBC Capital Markets LLC ran the books for the quick-to-market issue, which was upsized from $300 million.

The Houston-based oilfield services company plans to use the proceeds to repay revolver debt. Additional proceeds resulting from the upsizing will be used for general corporate purposes.

Issuer:	Oil States International, Inc.
Amount:	$400 million, increased from $300 million
Maturity:	Jan. 15, 2023
Securities:	Senior notes
Bookrunner:	RBC Capital Markets LLC
Coupon:	5 1/8%
Price:	Par
Yield:	5 1/8%
Spread:	329 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Jan. 15, 2018, then callable at 102.563, 101.708, 100.854, par on and after Jan. 15, 2021
Equity clawback:	35% at 105.125 until Jan. 15, 2016
Trade date:	Dec. 18
Settlement date:	Dec. 21
Ratings:	Moody's: Ba3
	Standard & Poor's: BB+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	5 1/8%, revised from 5¼% area
Marketing:	Quick to market

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