Helix Energy to price $175 million long five-year convertible notes

By Abigail W. Adams

Portland, Me., Aug. 11 – Helix Energy Solutions Group Inc. plans to price $175 million of convertible notes due Feb. 15, 2026, according to a 424B5 filing with the Securities and Exchange Commission.

Wells Fargo Securities LLC and Evercore ISI are joint bookunners for the registered offering.

The notes are contingently convertible until Nov. 17, 2025.

They are non-callable until Aug. 15, 2023 and then subject to a 130% hurdle.

The notes are putable upon a fundamental change.

In connection with the pricing of the notes, the company will enter into capped call transactions.

The company also plans to repurchase a portion of its 4.25% convertible notes due 2022 and 4.125% convertible notes due 2023 in privately negotiated transactions.

Proceeds will be used to cover the cost of the call spread and to fund the repurchases of the 2022 and 2023 convertible notes.

Helix is a Houston-based offshore energy services company.

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