OPI talks upsized $155 million five-year notes with 13% area yield

By Paul A. Harris

Portland, Ore., May 8 - OPI International upsized its offering of five-year first-lien senior secured notes to $155 million from $125 million, according to an informed source.

The bonds are talked with a yield in the 13% area with warrants for 17% of the company.

The deal could price before the end of the week.

Global Hunter Securities is the bookrunner.

The notes come with three years of call protection.

Credit ratings remain to be determined.

The Houston-based services provider to the offshore oil and gas industry plans to use the proceeds to help fund the acquisition of offshore construction vessels and refinance debt.

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