Secunda to start roadshow Tuesday for $125 million eight-year floater

By Paul A. Harris

St. Louis, Aug. 2 - Secunda International Ltd. will start a roadshow Tuesday for $125 million of eight-year senior floating-rate notes (B2/B), according to an informed source.

Pricing is expected early in the week of Aug. 16.

RBC Capital Markets will run the books for the Rule 144A/Regulation S offering.

The notes will come with one year of call protection and will be secured by a first-priority lien on 12 vessels and their related assets.

The company will also obtain a new C$40 million revolving credit facility.

Proceeds will be used to refinance existing debt and for general corporate purposes.

The company is a Halifax, Nova Scotia-based provider of supply and support services to the offshore oil and gas industry off the east coast of Canada.

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