Helix Energy expected to sell $300 million 5.25-year notes on Friday

By Paul A. Harris

Portland, Ore., Nov. 15 – Helix Energy Solutions Group, Inc. began marketing a $300 million offering of senior notes due 2029 (B1//BB-) on Wednesday, according to market sources.

The deal, which was scheduled to kick off on a late Wednesday morning conference call with investors, is expected to price on Friday.

The Rule 144A and Regulation S for life 5.25-year notes become subject to an initial call after 2.25 years at par plus 50% of the coupon.

Well Fargo Securities LLC is the left bookrunner. BofA Securities Inc. is the joint bookrunner.

Zions, Goldman Sachs & Co. LLC and TPH are the co-managers.

The Houston-based offshore energy services company plans to use the proceeds plus cash on hand and shares of common stock, as necessary, to pay off its $200 million of outstanding 6¾% convertible notes due 2026, with any remainder to be used for general corporate purposes.

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