Bibby Offshore plans late-week pricing for £175 million seven-year secured notes

By Paul A. Harris

Portland, Ore., June 9 – Bibby Offshore Holdings Ltd. plans to price a £175 million offering of seven-year senior secured notes (B2/B+) on Friday, according to a market source.

The deal comes with preliminary guidance in mid-7% to 8% yield range.

Credit Suisse is the bookrunner.

The notes come with three years of call protection.

Proceeds will used to repay debt, fund a dividend to the parent company, fund capital expenditures and provide working capital.

The prospective issuer is a Westhill, England-based provider of subsea construction, repair and maintenance services to the international oil and gas industry.

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