By Paul A. Harris
St. Louis, Jan. 19 - Stallion Oilfield Services Ltd. priced $300 million eight-year senior unsecured notes (B3/B-) at par to yield 9¾% on Friday, according to an informed source.
The yield came at the wide end of the 9½% to 9¾% price talk.
UBS Investment Bank led the Rule 144A and Regulation S issue of notes. Credit Suisse and Lehman Brothers were joint bookrunners. Banc of America Securities LLC was the co-manager.
Proceeds will be used to repay bank debt and for general corporate purposes, including acquisitions and capital expenditures.
The issuer is a Houston-based oilfield services provider focused on wellsite support and construction and logistics services.
| Issuer: | Stallion Oilfield Services Ltd.
|
| Amount: | $300 million
|
| Maturity: | Feb. 1, 2015
|
| Security description: | Senior unsecured notes
|
| Bookrunners: | UBS Investment Bank (lead), Credit Suisse, Lehman Brothers
|
| Co-manager: | Banc of America Securities LLC
|
| Coupon: | 9¾%
|
| Price: | Par
|
| Yield: | 9¾%
|
| Spread: | 498 bps
|
| Call protection: | Four years
|
| Trade date: | Jan. 19
|
| Settlement date: | Jan. 24
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 9½% to 9¾%
|
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