By Paul A. Harris
St. Louis, May 17 - SESI LLC, a financing unit of Superior Energy Services Inc., priced a $300 million issue of 6 7/8% eight-year senior unsecured notes (Ba3/BB-) at 98.489 to yield 7 1/8% on Wednesday, according to a market source.
The yield came on the wide end of the 7% to 7 1/8% price talk.
Bear Stearns & Co. and JP Morgan were joint bookrunners for the Rule 144A with registration rights note offering.
Proceeds will be used to fund the tender for the company's 8 7/8% senior notes due 2011 and for general corporate purposes.
The notes will be guaranteed by Superior Energy Services, a Harvey, La.-based provider of specialized oilfield services and equipment.
| Issuer: | SESI LLC (Superior Energy Services Inc.)
|
| Amount: | $300 million
|
| Maturity: | June 1, 2014
|
| Security description: | Senior unsecured notes
|
| Bookrunners: | Bear Stearns & Co., JP Morgan
|
| Coupon: | 6 7/8%
|
| Price: | 98.489
|
| Yield: | 7 1/8%
|
| Spread: | 197 bps
|
| Call protection: | Callable on and after June 1, 2010 at 103.438, 101.719, par on and after June 1, 2012
|
| Equity clawback: | Until June 1, 2009 for 35% at 106.875
|
| Trade date: | May 17
|
| Settlement date: | May 22
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 7%-7 1/8%
|
|
|
© 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.
