Cal Dive International plans $75 million five-year convertible notes

By Stephanie N. Rotondo

Phoenix, July 12 - Cal Dive International Inc. intends to sell at least $75 million of convertible senior notes due July 15, 2017, the company said in a press release Thursday.

The notes will be issued via Rule 144A.

There will be an overallotment option of $11.25 million.

The notes are convertible, under certain conditions, into cash, stock or a combination, at Cal Dive's option. Additionally, noteholders can force the company to buy back some or all of the debt in the event of certain fundamental changes.

Certain domestic subsidiaries, wholly-owned by Cal Dive, will guarantee the debt.

Proceeds will be used to repay a portion of the company's term loan under its senior secured credit facility.

Cal Dive is a Houston-based offshore oil and gas company.

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