By Paul A. Harris
Portland, Ore., Sept. 30 – Welltec International ApS priced a $325 million issue of five-year senior secured notes (B2/B-) at par to yield 8¼% on Thursday, according to market sources.
The yield printed at the tight end of the 8¼% to 8½% revised yield talk. Earlier talk was 8¾% to 9%. Initial guidance was in the low 9% area.
Sole global coordinator and physical bookrunner Morgan Stanley & Co. LLC will bill and deliver. Joint bookrunners were J.P. Morgan Securities LLC and DNB Markets Inc.
The Katy, Tex.-based robotic well intervention and completion services provider plans to use the proceeds to repay debt.
| Issuer: | Welltec International ApS
|
| Amount: | $325 million
|
| Tenor: | Five years
|
| Securities: | Senior secured notes
|
| Physical bookrunner: | Morgan Stanley & Co. LLC (bill and deliver)
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| Joint bookrunners: | J.P. Morgan Securities LLC and DNB Markets Inc.
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Spread: | 724 bps
|
| Call protection: | Two years
|
| Trade date: | Sept. 30
|
| Ratings: | Moody's: B2
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8¼% to 8½%, revised from 8¾% to 9%
|
| Marketing: | Roadshow
|
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