Welltec launches $325 million 8¼% five-year secured notes at par; pricing Thursday

By Paul A. Harris

Portland, Ore., Sept. 30 – Welltec International ApS launched its $325 million offering of five-year senior secured notes (B2/B-) with an 8¼% coupon at par, according to market sources.

The deal launched inside of the 8¼% to 8½% revised price talk. Earlier talk was 8¾% to 9%. Initial guidance was in the low 9% area.

The deal is set to price on Thursday.

Sole global coordinator and physical bookrunner Morgan Stanley & Co. LLC will bill and deliver. J.P. Morgan Securities LLC and DNB Markets Inc. are the joint bookrunners.

The Rule 144A and Regulation S notes come with two years of call protection.

The Katy, Tex.-based robotic well intervention and completion services provider plans to use the proceeds to repay debt.

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