KLX Energy talks $250 million seven-year notes to yield 10½%-10¾%; pricing Friday

By Paul A. Harris

Portland, Ore., Oct. 26 – KLX Energy Services Holdings, Inc. talked a $250 million offering of seven-year senior secured notes (B3/B) to yield 10½% to 10¾%, according to market sources.

Official price talk comes well wide of initial guidance in the mid-to-high 9% area.

Books close at 2 p.m. ET on Friday, and the deal, which is being managed by J.P. Morgan Securities LLC, is expected to price thereafter.

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

The Wellington, Fla.-based oilfield services provider plans to use the proceeds to help fund its acquisition of Motley Services, LLC, with the balance of proceeds to be used for general corporate purposes, including acquisitions.

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