By Rebecca Melvin
New York, March 7 - Helix Energy Solutions Group, Inc. priced $200 million of 20-year convertible senior notes on Tuesday at par to yield 3.25% with an initial conversion premium of 35%, according to a regulatory filing.
Raymond James & Associates Inc. was the bookrunner.
The notes have contingent conversion at 130% of the conversion price, and they are non-callable until March 20, 2018. There are puts on March 15 in years 2018, 2022, and 2027 at 100% of principal plus accrued interest.
Proceeds will be used to repurchase $110.7 million of existing 3.25% convertibles due 2025, of which there is $300 million existing, and for other general corporate purposes.
Helix is a Houston-based offshore energy company.
| Issuer: | Helix Energy Solutions Group Inc.
|
| Issue: | Convertible senior notes
|
| Amount: | $200 million
|
| Maturity: | March 15, 2032
|
| Bookrunner: | Raymond James & Associates Inc.
|
| Coupon: | 3.25%
|
| Price: | Par, $1,000
|
| Yield: | 3.25%
|
| Conversion premium: | 35%
|
| Conversion price: | $25.02
|
| Conversion ratio: | 39.9752
|
| Call protection: | Non-callable until March 15, 2018
|
| Puts: | March 15, 2018, 2022, 2027
|
| Pricing date: | March 6
|
| Settlement date: | March 12
|
| Distribution: | Rule 144A
|
| Stock symbol: | NYSE: HLX
|
| Stock reference price: | $18.53
|
| Market capitalization: | $1.9 billion
|
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