Expro Finance launches $1.35 billion offering of seven-year secured notes via Goldman, Deutsche

By Paul Deckelman

New York, Dec. 3 - Expro Finance Luxembourg SCA launched a $1.35 billion offering of seven-year senior secured notes on Thursday, anticipating using the mega-deal's proceeds to repay its existing senior secured term loans.

High yield syndicate sources said that the deal will be presented to potential investors via a roadshow this week and next; more detail on the deal's timing was not immediately available.

It is being brought to market via bookrunners Goldman Sachs & Co. and Deutsche Bank Securities, Inc., along with joint lead managers J.P. Morgan Securities Inc., HSBC Securities (USA) Inc. and Lloyds TSB Bank plc. The co-managers are Natixis Capital Markets and RBC Capital Markets Corp.

The company -- a unit of Reading, U.K.-based oilfield services provider Expro International Group Ltd. -- will sell the bonds under Rule 144A, for the life of the issue, and Regulation S.

The notes will be non-callable for the first three years after issue, other than a make-whole call provision and the standard three-year equity clawback for up to 35% of the issue. However, the company is also expected to have the option to call up to 10% of the outstanding amount at 103.

The bonds are expected to be rated B1 by Moody's Investors Service and B+ by Standard & Poor's, syndicate sources said.

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