By Paul A. Harris
St. Louis, Aug. 17 - Secunda International Ltd. sold $125 million of eight-year senior secured floating-rate notes (B2/B) Tuesday at 98.50 to pay a coupon of three-month Libor plus 800 basis points, according to an informed source.
Price talk of three-month Libor plus 800 basis points had been revised from Libor plus 600 to 625 basis points.
RBC Capital Markets ran the books for the Rule 144A/Regulations S issue. Fortis Securities was the co-manager.
Proceeds will be used to refinance existing debt and for general corporate purposes.
The issuer 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.
| Issuer: | Secunda International Ltd.
|
| Face amount: | $125 million
|
| Proceeds: | $123.1 million
|
| Maturity: | Sept. 1, 2012
|
| Security description: | Senior secured floating-rate notes
|
| Bookrunner: | RBC Capital Markets
|
| Co-manager: | Fortis Securities
|
| Coupon: | Three-month Libor plus 800 basis points
|
| Price: | 98.50
|
| Call features: | Callable after Sept. 1, 2006 at 104, 102, 101, par on or after Sept. 1, 2009 (increased from one year)
|
| Equity clawback: | Until Sept. 1, 2007 for 35% at par plus the applicable coupon
|
| Pricing date: | Aug. 17
|
| Settlement date: | Aug. 26
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Price talk: | Three-month Libor plus 800 basis points (revised from Libor plus 600-625 bps)
|
|
|
© 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.
