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Trinidad Drilling intends to start roadshow Friday for $450 million eight-year senior notes
By Paul A. Harris and Cristal Cody
St. Louis, Dec. 2 - Canada's Trinidad Drilling Ltd. will begin a roadshow on Friday for its $450 million offering of eight-year senior notes, according to an informed source.
The deal is expected to price late in the week ahead.
Wells Fargo Securities is the left bookrunner for the Rule 144A and Regulation S for life notes.
RBC Capital Markets and TD Securities are the joint bookrunners.
HSBC and Scotia Capital are joint lead managers. Daiwa Securities and Comerica Securities are the co-managers.
The notes come with four years of call protection.
Credit ratings remain to be determined.
The proceeds from the sale will be used to redeem the C$354 million outstanding of 7.75% convertible unsecured subordinated debentures due July 2012 and to repay a portion of the debt outstanding from existing revolving credit facilities and term loans due in 2012.
As part of the sale, the company expects to enter into a new two-part senior secured revolver that expires in December 2014 and includes a C$200 million revolving tranche and US$100 million revolving tranche.
Trinidad Drilling said the purpose of the offering and the new credit facility will be to simplify the company's capital structure by the elimination of the debentures; provide flexibility in the balance sheet through penalty-free debt repayment under the new credit facility over the next four years; extend maturities from 2012 to 2014 and early 2019 and allocate debt between U.S. and Canadian dollars.
Trinidad Drilling is a Calgary, Alta.-based provider of oil and gas drilling equipment.
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