By Paul Deckelman
New York, May 9 - Key Energy Services Inc. sold $150 million of senior notes due May 1, 2013 (Ba2/BB) at par to yield 6 3/8% Friday, high yield syndicate sources said.
The quick-to-market off-the-shelf public deal - news of the pending issue first circulated around the market on Wednesday - was brought in via joint bookrunners Lehman Brothers and Bear Stearns & Co.
Key Energy, a Midland, Texas-based onshore oil well service company, plans to initially use the deal proceeds to fully pay down its revolving credit facility, and for general corporate purposes, including the eventual retirement of the company's 14% senior subordinated notes due 2009 and other debt.
| Issuer: | Key Energy Services Inc.
|
| Security description: | Senior notes
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| Bookrunners: | Lehman Brothers and Bear Stearns
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| Amount: | $150 million
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| Maturity: | May 1, 2013
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| Coupon: | 6 3/8%
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| Price: | Par
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| Yield: | 6 3/8%
|
| Spread: | 269 basis points over comparable Treasury
|
| Call features: | Non-callable for life of the bond
|
| Make-whole call: | Treasuries + 50 basis points
|
| Settlement date: | May 14, 2003
|
| Ratings: | Moody's : Ba2
|
| Standard & Poor's: BB
|
| Cusip: | 492914AP1
|
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