New Issue: Helix Energy prices $300 million 9¾% 5.25-year notes to yield 9 7/8%

By Paul A. Harris

Portland, Ore., Nov. 16 – Helix Energy Solutions Group, Inc. priced a $300 million issue of 9¾% senior notes due March 1, 2029 (B1/BB-/BB-) at 99.526 to yield 9 7/8% on Thursday, according to market sources.

The yield printed in the middle of yield talk in the 9 7/8% area.

Timing was accelerated. When the deal was announced earlier in the week it was scheduled to remain in the market until Friday.

Wells Fargo Securities LLC was the left bookrunner. BofA Securities, Inc. was the joint bookrunner.

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.

Issuer:	Helix Energy Solutions Group, Inc.
Amount:	$300 million
Issue:	Senior notes
Maturity:	March 1, 2029
Left bookrunner:	Wells Fargo Securities, LLC
Joint bookrunner:	BofA Securities, Inc.
Co-managers:	Zions Direct, Inc., Goldman Sachs & Co. LLC, Tudor, Pickering, Holt & Co. Securities, LLC, BTIG, LLC, Johnson Rice & Co. LLC, PEP Advisory LLC and Piper Sandler & Co.
Coupon:	9¾%
Price:	99.526
Yield:	9 7/8%
Spread:	539 bps
First call:	March 1, 2026 at 104.875
Trade date:	Nov. 16
Settlement date:	Dec. 1
Ratings:	Moody’s: B1
	S&P: BB-
	Fitch: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	9 7/8% area
Marketing:	Roadshow

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