Expro talks $1.35 billion seven-year secured notes at 9¼% area

By Paul A. Harris

St. Louis, Dec. 11 - Expro Finance Luxembourg SCA set price talk for its $1.35 billion offering of seven-year senior secured notes on Friday for a yield in the 9¼% area, according to a market source.

The deal is expected to price early in the Dec. 14 week.

The offering 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, England-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.

Proceeds will be used to repay the company's senior secured term loans.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.