By Paul A. Harris
Portland, Ore., June 25 – SAExploration Holdings, Inc. announced in a Wednesday press release that it priced a $150 million issue of 10% five-year senior secured notes (Caa1/B-/).
Earlier in the day the deal was talked with a yield in the 10% area, according to an informed source.
Jefferies LLC was the bookrunner.
The Houston-based oilfield services company plans to use the proceeds to refinance debt and to fund the one-time purchase of equipment for its Alaska operations.
| Issuer: | SAE Exploration Holdings, Inc.
|
| Amount: | $150 million
|
| Maturity: | 2019
|
| Securities: | Senior secured notes
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 10%
|
| Call protection: | 2.5 years
|
| Trade date: | June 25
|
| Expected settlement date: | July 2
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 10% area
|
| Marketing: | Roadshow
|
© 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.
