Gulf Offshore Logistics restructures $110 million secured deal, sets price talk

By Paul A. Harris

Portland, Ore., May 24 - Gulf Offshore Logistics, LLC restructured its $110 million five-year senior secured notes offering and set price talk, an informed source said on Tuesday.

A $75 million offering of first-lien floating-rate notes its talked at Libor plus 750 basis points with a 200 bps Libor floor. The first-lien notes are expected to be discounted to a reoffer price of 99.

Meanwhile, a $35 million tranche of second-lien fixed-rate notes is talked with a 12¼% coupon at approximately 99 to yield 12½%.

The deal, which was previously structured as a single fixed-rate tranche of five-year senior secured notes, is expected to price before the end of the week.

Global Hunter Securities and Knight Capital are leading the deal.

Both tranches of notes become callable in three years at 103.

Proceeds will be used to repay debt and for general corporate purposes.

The prospective issuer is a Raceland, La.-based provider of marine transportation and logistical services to the oil and gas industry.

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