Trinidad Drilling starts roadshow for $350 million seven-year notes

By Paul A. Harris

Portland, Ore., Jan. 25 – Trinidad Drilling Ltd. began a roadshow on Wednesday in Toronto for a $350 million offering of seven-year senior notes (expected ratings Caa1/B-), according to a syndicate source.

The roadshow moves to New York on Thursday and is scheduled to wrap up on Monday.

The deal is set to price on Monday or Tuesday.

Joint bookrunner RBC Capital Markets LLC will bill and deliver for the Rule 144A and Regulation S for life notes offering. Wells Fargo Securities LLC is also a joint bookrunner.

HSBC, Scotia Capital and TD Securities are joint lead arrangers.

Credit Suisse Securities (USA) LLC and Raymond James are co-managers.

The notes become callable after three years at par plus 75% of the coupon.

The Calgary, Alta.-based oilfield services company plans to use the proceeds, along with proceeds from its equity offering, to fund the repurchase and/or redemption of its $450 million of 7 7/8% senior notes due 2019.

Trinidad Drilling has a primary focus on land drilling with operations in the United States, Canada and the United Arab Emirates.

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